Trump names two nominees for Fed posts, Latest Business News - The New Paper

Trump names two nominees for Fed posts

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WASHINGTON US President Donald Trump announced on Tuesday the names of two nominees to fill vacant posts on the Federal Reserve Board, after two of his earlier choices withdrew from consideration.

Mr Trump said on Twitter that he intends to nominate Mr Christopher Waller, an executive vice-president at the Federal Reserve Bank of St Louis, and Ms Judy Shelton, the US director of the European Bank for Reconstruction and Development.

Before joining the Fed Bank in St Louis as research director in 2009, Mr Waller was an economics professor at the University of Notre Dame.

Ms Shelton, who served as an economic adviser to Mr Trump's 2016 presidential campaign, has advocated a return to the gold standard.

Mr Trump has been critical of the Fed and its chairman, Mr Jerome Powell, for raising interest rates. Mr Trump says he wants lower rates to better compete with China and has accused Mr Powell, whom he appointed to lead the central bank early last year, of doing a "bad job".

Mr Trump's earlier choices for the Fed seats, economic commentator Stephen Moore and businessman Herman Cain, withdrew from consideration.

Mr Cain pulled out in April after lawmakers expressed discomfort with the sexual harassment allegations that cut short his presidential bid in 2012. Mr Cain has denied those allegations. Mr Moore withdrew in May after weeks of criticism about his political partisanship, shifting views on interest rate policy and sexist comments about women.- REUTERS