Federal Reserve seats could take months to fill: report

It could be months before the Trump administration fills three vacant seats on the Federal Reserve board, Reuters reported Thursday.

The White House is looking to have its nominees for the board vetted by the FBI and the Office of Government Ethics before publicly announcing the nominations, which could take months to complete. 

The slow pace of filling the Federal Reserve seats, including the position of vice chair in charge of banking oversight, could potentially stymie President Trump’s efforts to overhaul financial rules and regulations. 

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Reuters reported that the White House had sought to name all three nominees at the same time. But Treasury Secretary Steve Mnuchin cast doubt on that plan last month.

The Federal Reserve’s Board of Governors is currently chaired by Janet Yellen, an Obama-era nominee whose term is up in 2018. Trump indicated on the campaign trail last year that he “would most likely replace her,” but signalled a potential shift in thought in an interview with the Wall Street Journal last month.

“I like her. I respect her,” Trump said at the time. “She’s been in that seat. I do like the low interest rate policy.”