Sara Margalit Aviel Confirmed as Alternate Executive Director at the World Bank

WASHINGTON – Sara Margalit Aviel was confirmed by the United States Senate yesterday to serve as the Alternate Executive Director to the International Bank for Reconstruction and Development (the World Bank).  In this capacity, Aviel will work with the Executive Director to represent the United States on the Board of Directors, which makes decisions about loan and investment proposals, reviews the policy issues that guide the general operations of the Bank, and provides broad oversight of, and guidance to, the Bank’s senior management.

Aviel has served as Director of International Economic Affairs at the National Security Council and the National Economic Council since 2011.  She has also served as a Senior Advisor to Treasury Secretary Tim Geithner.

“I have seen firsthand the depth of Sara’s personal dedication and drive in all she does. Sara’s rich experience in international development issues will be a valuable asset to the United States and the World Bank in this new role,” said Secretary Geithner.

Prior to joining Treasury, Aviel served on the leadership team of Root Capital, a social investment fund.  Aviel previously spent time at Mercy Corps, CARE Afghanistan, and as a lecturer at Yale University.

Aviel received a B.A. and M.A. in Political Science from Yale University and a Master’s in Business Administration from the Yale School of Management.

Nathan Sheets Announces Retirement

D. Nathan Sheets, director of the Division of International Finance, is stepping down after 18 years of service with the Federal Reserve Board, including nearly 4 years as the director of the division.

In addition to overseeing the operations of the division, he has been responsible for advising the Federal Open Market Committee on economic and financial developments in foreign countries and on the U.S. external sector. Sheets also has regularly represented the Board at international meetings and in its contacts with foreign central banks.

"Nathan has provided invaluable insight and stellar leadership at a time of great volatility in the world economy," said Federal Reserve Chairman Ben S. Bernanke. "We thank him for his dedicated service and wish him well."

Sheets began his career at the Board in 1993 as an economist. He became a section chief within the Division of International Finance in 1999 and was appointed to the official staff in 2001. He was named division director in September 2007. Sheets has also served as a senior adviser to the U.S. executive director at the International Monetary Fund.

Sheets holds a bachelor's degree from Brigham Young University and a PhD in economics from the Massachusetts Institute of Technology.

Steven B. Kamin, currently a deputy director of the International Finance Division, will serve as acting director of the division. Kamin has been responsible for monitoring and analyzing developments in international financial markets and has published research on a range of topics including global finance and monetary policy, capital flows, exchange rates, and current account imbalances. He has also served as a visiting economist at the Bank for International Settlements, a senior economist for international financial affairs at the Council of Economic Advisers, and as a consultant for the World Bank.

Kamin received a PhD in economics from the Massachusetts Institute of Technology.