NY Fed Market Chief Named Dy National Security Adviser to Biden

Reportedly, Singh will be leaving the bank in mid-February to join the Biden administration.

Reportedly, Daleep Singh will be leaving the bank in mid-February to join the Biden administration.

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The Federal Reserve Bank of New York on 5 February announced that Daleep Singh, who has been working as the head of the markets group, has stepped down from his role to join the President Joe Biden Administration as Deputy National Security Adviser and Deputy National Economic Council Director, according to IndiaWest.

Singh will reportedly be leaving the bank in mid-February to join the Biden administration.

From 2011 to 2017, Singh worked as the acting Assistant Secretary for Financial Markets and Deputy Assistant Secretary for International Affairs at the US Department of the Treasury in the Obama administration. He helped shape the Treasury Department's crisis response to Ukraine, Russia, Greece, and Puerto Rico, according to ANI.

John C Williams, president and chief executive officer of the New York Fed said that Singh had a meaningful impact during his tenure and brought his dedication to public service and leadership skills to the New York Fed.

He also said that Singh played a very important role in the emergency facilities the Fed launched in response to COVID-19. “I’m thrilled that he will continue to leverage his knowledge and expertise in support of economic policy at this important time,” he was quoted as saying by IndiaWest.

Anne Baum, Head of Central Bank and International Account Services, will serve as interim Head of the Markets Group in place of Singh till Fed finds his replacement, reported ANI.

Along with serving as a member of the executive committee of the NY Fed, Singh has also directed the Treasury Department’s markets room, which provides real-time and thematic analysis for senior officials, reported ANI.

Prior to his tenure at the Treasury Department, Singh worked for Goldman Sachs from 2003 to 2007, and again from 2008 to 2011. He has also been a partner at Element Capital Management from 2007 to 2008, reported India West.

Educational Background

Singh was born in Olney, Maryland and raised in Raleigh, North Carolina. He holds a bachelor's degree in economics and public policy from Duke University and a master of business administration/master of public administration from the Massachusetts Institute of Technology, and Harvard University, with a focus on international economics.

In his new role with the Biden administration, Singh will report to both National Security Adviser Jake Sullivan and NEC Director Brian Deese.

(With inputs from India West & ANI)