President Donald Trump and Fed Board Chair Janet Yellen.Carlos Barria/Reuters; Composite by Bob Bryan/Business Insider
President Donald Trump is set to pick two nominees for the Federal Reserve’s board of governors, according to a report.
Binyamin Appelbaum and Kate Kelly of The New York Times report that Trump will tap Randal Quarles and Marvin Goodfriend for two of the open spots on the board, citing sources familiar with the decision.
Quarles served at the Treasury Department under President George W. Bush. Goodfriend, a professor at Carnegie Mellon University, previously worked as a policy adviser at the Federal Reserve Bank of Richmond in Virginia.
The White House told The Times that no announcement was pending.
At the Fed, Quarles would also oversee banking regulation. The former Fed official in charge of this, Daniel Tarullo, was stricter, but given Trump’s calls for deregulation at the big banks, Quarles would be expected to take a softer stance.
Both Quarles and Goodfriend are seen as more conservative economists, according to the Times report.
This would be the first in a series of changes Trump is expected to make at the Fed. A third seat on the board remains open, and the terms of Chair Janet Yellen and Vice Chair Stanley Fischer expire in 2018, giving Trump two more spots to fill.