President Donald Trump on Thursday officially announced plans to nominate Judy Shelton and Christopher J. Waller to seats on the Federal Reserve board of governors.
Mr. Trump initially made his plans known in a series of tweets in July.
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. She also served as chair of the National Endowment for Democracy in 2017, having worked as vice chairman from 2010 to 2014 and on the board from 2005 to 2014.
If confirmed, Ms. Shelton would serve the remainder of a 14-year term expiring Jan. 31, 2024, a seat previously held by former Chairwoman Janet L. Yellen.
Mr. Waller is director of research at the Federal Reserve Bank of St. Louis, a position he has held since 2009. From 2003 to 2011, he was an economics professors at the University of Notre Dame.
If confirmed, Mr. Waller would serve the remainder of a 14-year term expiring Jan. 31, 2030.
There are currently two vacancies on the seven-member Fed board. Mr. Trump's last four nominees to fill the vacant seats failed to pass the Senate confirmation process.
The Fed made three quarter-point rate cuts to its federal funds rate in 2019, which now sits at 1.5% to 1.75%. Mr. Trump has publicly criticized the Fed and Chairman Jerome Powell for not further cutting rates.