(Bloomberg) -- President Joe Biden intends to nominate Jay Shambaugh, a former member of the Council of Economic Advisers under Barack Obama, to be the Treasury Department’s undersecretary for international affairs, the White House said Friday.

If confirmed by the Senate, Shambaugh will become Treasury Secretary Janet Yellen’s top policy adviser on international trade and development issues. The post’s holder typically plays a prominent role in Group of Seven and G-20 deliberations over economic and financial matters.

Since Yellen’s confirmation a year ago, the job has been filled on an acting basis by Andy Baukol, a senior staffer at the Treasury since 2004. Yellen has also relied on David Lipton, a senior counselor for international issues.

Shambaugh, a professor of economics and international affairs at George Washington University and a senior fellow at the Brookings Institution in Washington, served two stints on the CEA, as a member from 2015 to 2017, and as a staff economist from 2009 to 2011, according to his resume.

Some of his most noted research has centered on the so-called policy trilemma that confronts countries seeking to maintain open capital markets, monetary-policy control and a fixed-exchange rate. Shambaugh has argued countries can achieve just two of those three objectives.

Shambaugh received a bachelor’s degree from Yale in 1992, followed by a master’s from the Fletcher School of Law and Diplomacy at Tufts University. He earned a Ph.D. in economics from the University of California, Berkeley, where his adviser was former International Monetary Fund chief economist Maury Obstfeld.

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