(Bloomberg) -- President Joe Biden is offering Nellie Liang, a longtime veteran of the Federal Reserve and expert in financial regulation, a top role at the Treasury Department, according to people familiar with the matter.

Liang, who worked at the Fed with then-central bank chief Janet Yellen -- who’s set to become Treasury secretary -- was offered the job of Treasury undersecretary for domestic finance, the people said.

White House and Treasury spokespeople didn’t immediately reply to a request for comment.

The job involves not only keeping tabs on the stability of the U.S. financial system but setting the strategy for issuance of federal government debt, which has surged amid record spending to combat the coronavirus.

Liang is a senior fellow at the Brookings Institution, and led a division at the central bank in charge of financial stability policy and research for six years. She at the time worked to implement provisions of the 2010 Dodd-Frank Act and other rules aimed at making the financial system safer.

Long Vacant

Former President Donald Trump nominated Liang to the Fed’s Board of Governors in 2018 but she withdrew from consideration in 2019 after failing to get support from Republican lawmakers.

The Treasury post also requires confirmation in the Senate, which is now controlled by the Democrats.

Liang would take a position that has been vacant since 2014, with the job undertaken by counselors to then-Treasury Secretaries Jacob Lew and Steven Mnuchin. Counselors don’t require Senate confirmation.

Liang will oversee management of the more than $20 trillion of marketable Treasuries outstanding.

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