Trump has tapped two wildly different economists to the central bank’s board who seemingly have one important thing in common. They’re both likely to support his call for lower interest rates
Judy Shelton, U.S. executive director for the European Bank for Reconstruction and Development, during an interview in Washington earlier this year.
Trump, who announced his picks within minutes of each other on Twitter on Tuesday, has recently struggled to find candidates for the Fed that are acceptable to senators who must confirm nominees. The president previously advanced four people for the two remaining open seats on the Board of Governors. None of them made it, raising questions about the White House vetting process for his picks.
The White House has conducted the search for Fed candidates as Trump has repeatedly blasted Fed Chairman Jerome H. Powell over the Fed’s interest rate increases. The president has told confidants that he believes he has the authority to replace Powell as Fed chairman, demoting him to the level of board governor, according to people familiar with the matter. But Trump said he doesn’t plan to do it. The president chose Powell as chairman, replacing Janet Yellen last year.
Waller, who declined to comment Tuesday on his nomination, has a doctorate in economics and previously served as a professor of economics at the University of Notre Dame before joining the St. Louis Fed in 2009. His key research focus has been on monetary and macroeconomic theory and the political economy.
“We didn’t see any overheating in the economy coming, and so the question was, why are we raising rates?” Waller recalled in a June interview with Bloomberg. “We didn’t see any reason to raise rates just for the sake of raising rates.”
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