Singh will leave the bank in mid-February to become Biden’s deputy national security adviser as well as deputy national economic council director, key policy development and diplomatic roles, the New York Fed said.
The choice adds another veteran of President Barack Obama’s Washington to his onetime vice president’s new administration. Singh worked for the Treasury department during that administration, serving in financial markets and international affairs.
The White House did not immediately respond to a request for comment. The news of Singh's appointment in the Biden administration was first reported by Bloomberg here.
Singh joined the New York Fed last February, shortly before the novel coronavirus pandemic sparked a wave of market volatility. In his role, he oversaw the team at the Fed that set up a suite of emergency lending programs meant to restore market stability.
The New York Fed said it would begin a search for Singh’s successor “in the coming weeks” and that its head of central bank and international account services, Anne Baum, would take on the markets group role on an interim basis.
At the White House, Singh will prepare U.S. participation in the Group of Seven advanced economies and the larger Group of 20 major economies, which includes China. G7 finance officials are due to meet on Feb. 12, with G20 finance officials slated to meet two weeks later on Feb. 26-27. Reporting by Jonnelle Marte and Trevor Hunnicutt; Additional reporting by Andrea Shalal; Editing by David Gregorio and Grant McCool