A former employee at New York’s financial regulator who once lived in China and earned a bachelor’s degree at a Chinese Communist Party-controlled university has taken an important position in the Biden administration.
Her responsibility is to guide the bureau to “focus on the development and implementation of climate risk management frameworks for the federal banking system.”
Chen will report to Acting Comptroller Michael J. Hsu, who said in the statement that Chen is “an asset” to the bureau, given her “background and experience in both finance and climate-related financial risk.”
Tsinghua University
Chen obtained a bachelor’s degree in chemical engineering from China’s Tsinghua University in 2000 and later earned a doctorate degree at the Massachusetts Institute of Technology.The CCP controls Tsinghua University through the school’s party committee, which is headed by a Party secretary, Qiu Yong, who reminded students and teachers in a July speech about the importance of being “loyal to the Party.”
Tsinghua University, like many universities and colleges in China, has its own “United Front Work” office, which is part of the CCP’s sprawling bureaucracy headed by the United Front Work Department, a powerful Party agency.
Chen
Before taking on her new post, Chen worked for more than two years at the New York State Department of Financial Services (DFS), according to her LinkedIn profile. In May 2020, she became the first-ever sustainability and climate initiatives director at DFS, before she served as the inaugural executive deputy superintendent at DFS’s climate division in November 2021.From 2014 until February 2020, she worked at the U.S.-based environmental organization The Nature Conservancy.
However, Chen started off her career in the finance sector, working at Goldman Sachs’s asset management business, the Royal Bank of Canada, and the Chicago Mercantile Exchange Group.
Representatives for the Office of the Comptroller of the Currency didn’t respond to a request for comment by press time.