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Donald Trump has nominated a senior Pimco executive for a role at the US Treasury department negotiating with organisations such as the IMF at a time when the president is upending the global trade and economic order.
Trump selected Erin Browne, who has led Pimco’s asset allocation strategies since 2018, as Treasury under-secretary for international affairs, according to a notification to the Senate on Monday.
Browne’s nomination comes at a time when Washington’s relations with multilateral organisations have been strained by the president’s aggressive trade policies, which have sought to reorder the global economy.
If Browne is confirmed by Congress, she would be responsible for economic policies related to the G7 and G20 — which is being hosted by the US this year — as well as those on international finance, debt and trade more generally.
The under-secretary also manages the country’s participation in the IMF and World Bank. The role has previously been held by the likes of Timothy Geithner and Lawrence Summers — both of whom later become Treasury secretary. Lael Brainard, a former vice-chair of the Federal Reserve, also previously held the under-secretary for international affairs job.
Pimco said in an internal memo seen by the FT that Browne would remain “fully engaged and collaborating both with clients and colleagues until [the confirmation] process is complete”.
Browne previously held roles at UBS, at hedge fund Point72 and at Citigroup.
Francis Brooke, assistant secretary for international trade and development, had been serving as the acting under-secretary for international affairs.
In an internal note to staff, Pimco chief investment officer Daniel Ivascyn and CEO Manny Roman said they were “honoured that this continues Pimco’s proud record of seeing our colleagues selected to serve in key roles in public office”.
Additional reporting by Claire Jones in Washington