The President of the United States, Donald Trump, announced on Tuesday the names of two candidates to fill the vacancies on the Federal Reserve Board (Fed) after two of his previous elected candidates withdrew from consideration in the face of criticism. Donald Trump has proposed the new names as candidates of Federal Bank Reserve – Christopher Waller, executive vice president of the Federal Reserve Bank of St. Louis, and Judy Shelton, economic adviser to the president, for the advice of the Federal Reserve (Fed). Shelton was earlier a pick for the Federal Reserve board as Shelton had said that if she will be appointed she would lower interest rates to 0% within one or two years. Both candidates must be confirmed by the Senate.
Previously the tenant of the White House had put forward two other names: that of the conservative economist and his advisor Stephen Moore, and that of Herman Cain, a former pizza magnate. The former had withdrawn from the race after several Republican members of Congress had expressed concern over previous derogatory remarks against women. Trump has criticized Jerome Powell and the Federal Reserve for raising interest rates. While Powell denied the fact that Bank is under any influence by political pressure.