(Bloomberg) -- The White House search for candidates to fill two vacancies on the Federal Reserve Board of Governors is entering its final stages and aides will send a short list of candidates to President Donald Trump soon, according to a senior administration official.
Trump is expected to begin interviewing finalists after returning from his trip to Japan for the Group of 20 summit, the official said.
Trump has struggled to find candidates for the Fed that are acceptable to senators who vote on confirming nominees. Trump has named four people for the two open seats on the board of governors. None of them has made it through the Senate, raising questions about the White House vetting process for his picks.
The White House is considering conservative economist Judy Shelton to fill one of the two vacancies.
The White House has conducted the search as Trump has repeatedly blasted Fed Chairman Jerome Powell over monetary policy. The president told confidants as recently as Wednesday 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.
Powell said on Wednesday that he intends to serve his full four-year term and that “the law is clear” on that issue.
To contact the reporter on this story: Jennifer Jacobs in Washington at jjacobs68@bloomberg.net
To contact the editors responsible for this story: Alex Wayne at awayne3@bloomberg.net, Joshua Gallu, Justin Blum
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