Daleep Singh
United States Deputy National Security Advisor for International Economics
In office
February 1, 2021 – June 21, 2022
PresidentJoe Biden
Preceded byWally Adeyemo (2016)
Succeeded byMike Pyle (acting)
Assistant Secretary of the Treasury for Financial Markets
Acting
In office
February 1, 2016 – January 20, 2017
PresidentBarack Obama
Preceded bySeth Carpenter (Acting)
Succeeded byMonique Rollins (Acting)
Personal details
Born (1976-03-12) March 12, 1976
Olney, Maryland, U.S.
Political partyDemocratic
RelativesDalip Singh Saund (great-granduncle)
EducationDuke University (BA)
Massachusetts Institute of Technology (MBA)
Harvard University (MPA)

Daleep Singh (born March 12, 1976) is an American economic advisor who was a Deputy National Security Advisor for International Economics in the Biden administration and later joined PGIM Fixed Income in June 2022 as chief global economist.[1][2]

He is one of the primary architects of the sanctions package that the US implemented on Russia after Russia invaded Ukraine in 2022 and has been at the forefront of designing and teaching "economic statecraft" at the intersection of economic policy and national security, including as a graduate school lecturer at the Johns Hopkins School of Advanced International Studies.[3][4][5][6]

Early life and education

Singh was born to a Sikh family in Olney, Maryland and raised in Raleigh, North Carolina.[7][8] He attended Enloe High School and was selected in 1992 to represent North Carolina at Boys' Nation, meeting President George H.W. Bush in the Rose Garden. His great-granduncle was the first Asian American elected to Congress, Dalip Singh Saund.[9]

Singh earned a Bachelor of Arts degree in economics and public policy from Duke University, followed by a dual Master of Business Administration and Master of Public Administration in international economics from the Massachusetts Institute of Technology and the Harvard Kennedy School.[10][11]

Career

Singh in his capacity as acting Assistant Secretary of the Treasury for Financial Markets

He was also deputy assistant secretary of the Treasury for international affairs and acting Assistant Secretary of the Treasury for Financial Markets in the Obama administration, spearheading the Department's response to Greece's near-exit from the eurozone in 2015 [12][13][14] and advocating for reforms to bolster the resilience of Treasury markets.[15]

During the most acute phase of the COVID-19 pandemic in 2020, Singh was executive vice president and head of the Markets Group at the Federal Reserve Bank of New York. In this capacity, Singh was reportedly responsible for implementing most of the emergency lending programs put in place by the Federal Reserve to backstop the economy.[16][17][18][19][20]

Biden Administration

He was appointed by President Biden as Deputy National Security Advisor at the National Security Council and deputy director of the National Economic Council in mid-February 2021.[21]

Before the invasion of Ukraine, Singh led the Administration’s efforts to launch a democratic alternative to China’s Belt and Road Initiative,[22] craft a digital assets strategy,[23] develop a global pandemic preparedness fund,[24] and reform the World Bank.[25]

Russia's invasion of Ukraine

After the Russian invasion of Ukraine in late February 2022, Singh emerged as a chief architect of the economic sanctions imposed by the United States on Russia, detailing the Administration's design and strategy in multiple press briefings from the White House podium and press interviews,[26][27][28][29][30][31] including a feature story on 60 minutes.[32] Singh identified that the Russian economy was dependent on Western cutting-edge technologies such as microchips and software and that the Russian economy was vulnerable to a sudden stop of overseas capital.[30]

He pushed for and coordinated the sanctions measures taken against Russia's central bank, as the US, EU, UK, Japan, and Canada prohibited any dealings with the entity only two days after the invasion began.[30] According to the New Yorker, "No entity as large as the Russian Central Bank, nor so important to the global economy, had been sanctioned in modern times."[30]

Singh began "an extended leave of absence" from the White House beginning in April 2022, reportedly due to family reasons.[33]

Post-White House career

Since leaving the White House, Singh has testified to Congress on the Russia sanctions regime,[34] argued in favor of "freedom bonds"for Ukraine (inspired by the Brady plan),[35] and continued to advocate forcefully in favor of a digital dollar.[36][37]

In June 2022, he was hired by PGIM Fixed Income, one of the largest fixed income managers, as their chief global economist.[1][2] In December 2022, Singh was named to the Bloomberg 50 list of individuals who most influenced the global business landscape.[38]

References

  1. 1 2 "Biden Taps New York Fed Market Chief as National Security Deputy". Bloomberg.com. 2021-02-05. Retrieved 2021-02-09.
  2. 1 2 "PGIM Fixed Income names former US deputy national advisor Daleep Singh as chief global economist". Money Control. 2021-06-21. Retrieved 2021-06-21.
  3. ↑ Singh, Daleep. "Daleep Singh on America's Economic Statecraft". The Economist. Retrieved 12 January 2023.
  4. ↑ "Daleep Singh". Johns Hopkins SAIS. Retrieved 2023-01-21.
  5. ↑ Seib, Gerald F. (15 February 2021). "In Biden World, Economic Policy is National Security Policy". Wall Street Journal. Retrieved 15 February 2021.
  6. ↑ "Singh is Biden's Sanctions King". The Economic Times. Retrieved 10 February 2021.
  7. ↑ "Op-Ed: Deputy National Security Advisor Daleep Singh on Supporting the Asian Americans and Pacific Islanders Community". The White House. 2021-06-04. Retrieved 2021-02-25.
  8. ↑ "Indian American Daleep Singh joining Biden team as deputy NSA". The American Bazaar. 2021-02-08. Retrieved 2021-02-13.
  9. ↑ "Biden Plans To Name New York Fed Market Chief Daleep Singh As National Security Deputy". NDTV. February 7, 2021. Retrieved February 12, 2021.
  10. ↑ "dsingh41 | Johns Hopkins SAIS". sais.jhu.edu. Retrieved 2021-02-09.
  11. ↑ "Daleep Singh - FEDERAL RESERVE BANK of NEW YORK". www.newyorkfed.org. Retrieved 2021-02-09.
  12. ↑ Spiegel, Peter (8 February 2015). "Washington Urges Eurozone Leaders to Compromise with Athens". Financial Times. Retrieved 9 February 2015.
  13. ↑ Argiri, Lena. "Interview With Daleep Singh, Former Acting Assistant Treasury Secretary, on Greece's Crisis (Atlantic Council)". YouTube. Retrieved 19 January 2019.
  14. ↑ Katz, Ian (February 12, 2016). "Daleep Singh to Run U.S. Treasury's Financial Markets Office". Bloomberg News. Retrieved February 12, 2021.
  15. ↑ "Remarks by Acting Assistant Secretary of Treasury on Treasury Market Liquidity". Retrieved 24 October 2016.
  16. ↑ Singh, Daleep. "Implementing the Fed's Facilities: Moving at Maximum Speed with Maximum Care". Retrieved 17 April 2020.
  17. ↑ Singh, Daleep. "The Fed's Emergency Facilities: Usage, Impact, and Early Lessons Learned". Retrieved 8 July 2020.
  18. ↑ Furman, Jason. "Book Review of Trillion Dollar Triage by Nick Timiraos". The Washington Post. Retrieved 1 April 2022.
  19. ↑ Singh, Daleep. "Creating Opportunity Out of Crisis: Extending Access to the Fed's Emergency Facilities". Retrieved 10 September 2020.
  20. ↑ Singh, Daleep. "The Fed's Corporate Credit Facilities: Why, How, and For Whom?". Retrieved 20 October 2020.
  21. ↑ Hunnicutt, Jonnelle Marte, Trevor (2021-02-05). "Biden to name New York Fed's Singh as deputy security adviser". Reuters. Retrieved 2021-02-09.{{cite news}}: CS1 maint: multiple names: authors list (link)
  22. ↑ "Crafting an Affirmative Initiative for Infrastructure in the Developing World: A Conversation with Daleep Singh". Center for Global Development. Retrieved 28 June 2021.
  23. ↑ "Digital Assets: Virtual Currencies, Security, and U.S. Foreign Policy". Council on Foreign Relations. Retrieved 9 May 2022.
  24. ↑ "Global COVID-19 Summit (Singh moderation starts at 3:44)". White House. Retrieved 12 May 2022.
  25. ↑ "Fireside Chat with Deputy National Security Advisor Daleep Singh". Bretton Woods Committee. Retrieved 21 April 2022.
  26. ↑ White House Press Briefing with Daleep Singh, "White House Press Briefing". YouTube. Retrieved 18 February 2022.
  27. ↑ White House Press Briefing with Daleep Singh, "White House Press Briefing". YouTube. Retrieved 24 February 2022.
  28. ↑ White House Press Briefing with Daleep Singh, "White House Press Briefing". YouTube. Retrieved 22 February 2022.
  29. ↑ Interview with Daleep Singh, White House Advisor: We Can Impose More Sanctions On Russia’s Largest Institutions on YouTube, MSNBC
  30. 1 2 3 4 "The Biden Official Who Pierced Putin's "Sanction-Proof" Economy". The New Yorker. 2022-03-25. Retrieved 2022-03-27.
  31. ↑ "The Daleep Doctrine". Politico. 24 February 2022. Retrieved 2022-02-24.
  32. ↑ ""These are Putin's Sanctions: Understanding the Economic Sanctions Against Russia"". CBS. Archived from the original on 19 August 2013. Retrieved 24 March 2022.
  33. ↑ Pager, Tyler (2022-04-26). "Biden's sanctions coordinator to take leave of absence from White House". Washington Post. ISSN 0190-8286. Retrieved 2022-04-27. Singh's leave is due to family reasons, said one person, who spoke on the condition of anonymity to discuss personnel matters. His leave is expected to begin next month, but the exact timing and length are still being finalized.
  34. ↑ "Russia's Waning Global Influence". House Foreign Affairs Committee. Retrieved 16 November 2022.
  35. ↑ "Debt Threatens Ukraine's Future. Freedom Bonds Could Secure It". Barron's. Retrieved 9 December 2022.
  36. ↑ "Full Transcript: Former Deputy National Security Advisor Daleep Singh's argument for a digital dollar". Atlantic Council. 14 October 2022. Retrieved 14 October 2022.
  37. ↑ Singh, Daleep. "It's Not Just the Economics: Why U.S. Leadership on CBDCs is a National Security Imperative". Harvard Law School. Retrieved 16 November 2022.
  38. ↑ "The Bloomberg 50". Bloomberg. Retrieved 14 December 2022.
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