Lael Brainard, the U.S. Treasury Department’s top international official, is likely to be nominated to the Federal Reserve Board, according to a person familiar with the decision who requested anonymity.
U.S.-Japan ties, which foundered on a dispute over an American military base, are on the mend as territorial spats in Asia underscore the need to deepen the 50- year alliance, an Obama administration official said.
When President Barack Obama made his first trip to China in November 2009, he was burdened by the highest U.S. jobless rate in 26 years, a shrinking economy and the biggest federal budget deficit in U.S. history.
U.S. Secretary of State Hillary Clinton left on a two-week, nine-stop trip to China, Australia, Vietnam and other Asia-Pacific countries, where she will emphasize U.S. engagement and commitment to the world’s fastest- growing economic region.
U.S. Assistant Secretary of State Kurt Campbell said islands at the heart of a dispute between Japan and China fall under an American defense pact with Japan, while urging the sides to resolve the standoff via diplomacy.