President Donald Trump plans to nominate Judy Shelton and Christopher J. Waller to seats on the Federal Reserve board of governors.
The announcement came in a series of tweets late Tuesday.
Ms. Shelton is the U.S. executive director of the European Bank for Reconstruction and Development and previously served as an economic adviser to Mr. Trump's 2016 presidential campaign.
"I am very honored and grateful for the statement from President Trump and will strive to support the U.S. pro-growth economic agenda with the appropriate monetary policy," Ms. Shelton said in a tweet Tuesday. "Unlimited potential beckons for America and the world."
Mr. Waller is director of research at the Federal Reserve Bank of St. Louis and was previously an economics professors at the University of Notre Dame.
Mr. Trump has criticized the Fed for raising rates during his term in office, saying higher rates have slowed economic growth. The Fed most recently raised rates in December — the fourth such hike in 2018 — but has taken a more patient approach since.
At its last meeting in June, Federal Reserve Chairman Jerome Powell signaled that the Fed could cut rates at its next meeting July 30-31. Nine members voted to keep the rate unchanged at June meeting while St. Louis Fed President James Bullard, who works with Mr. Waller, voted to cut the funds rate by a quarter point.
Mr. Trump's last four Fed nominees to fill the Feb board's two vacant seats have each failed to pass the Senate confirmation process.