UPDATED: White House formally submits Shelton, Waller for nominations to Fed board

Filling the two opens seats on the Federal Reserve Board moved forward, incrementally at least, Tuesday when the White House formally transmitted the names of nominees to the Senate for consideration.

Judy Shelton and Christopher Waller, whose names were sent to the Senate, were tapped for the two open slots on the Federal Reserve Board by President Donald Trump on Jan. 16.

No confirmation hearing has been scheduled yet by the Senate Banking Committee. However, reports Thursday indicated Feb. 13 is being considered.

If confirmed, Shelton would serve an unexpired term of 14 years from Feb. 1, 2010 (or until 2024). She would fill the seat vacated by former Chairman Janet L. Yellen, who resigned. Waller, if likewise confirmed, would serve the remainder of a 14-year term that began Feb. 1, 2016 (or until 2030). He would fill the seat vacated by former Board Member Sarah Bloom Raskin, who also resigned.

Shelton is a former executive director of the European Bank for Reconstruction and Development. She has also described herself as a “self-employed economist.” Waller is an economist and executive vice president and director of research at the Federal Reserve Bank of St. Louis.

White House: Ten Nominations Sent to the Senate