On September 17th 2018, I was sworn in as Vice Chairman of the Board of Governors of the Federal Reserve and served in that capacity until January 14th, 2022 to return to Columbia for the spring term of 2022.

From February 2002 until May 2003, I served as the Assistant Secretary of the United States Treasury for Economic Policy, a position that required confirmation by the US Senate. In that position, he served as chief economic advisor to the Treasury Secretary, and advising him on a wide range economic policy issues, including the U.S. and global economic prospects, international capital flows, corporate governance, and the maturity structure of U.S. debt. In May 2003 Treasury Secretary John Snow presented me with The Treasury Medal in recognition for his record of outstanding service to the Treasury Department.

From 1997 until 2001, I served as chairman of the Department of Economics at Columbia University.

I served in the Administration of President Ronald Reagan as Senior Staff Economist with the President's Council of Economic Advisers 1986-1987

From 2006 to 2018 I was Global Strategic Advisor and Managing Director with PIMCO.