May 17, 2019 / 4:16 PM / 4 months ago

Transportation official eyed for Fed post, Bloomberg reports

WASHINGTON (Reuters) - The White House is considering Transportation Department Undersecretary Derek Kan for an opening on the Federal Reserve’s Board of Governors, Bloomberg reported on Friday, citing two unnamed people familiar with the matter.

A third person familiar with the matter, however, told Reuters that Kan was not under consideration.

Kan is a former executive at ride share company Lyft Inc who was confirmed by the Senate in November 2017 to be the No. 3 official at the department as the undersecretary for policy. He is also a former policy adviser to Senate Republican leader Mitch McConnell.

The Transportation Department declined to comment on the Bloomberg report.

Trump, who has repeatedly criticized the central bank’s interest rate policies, has two spots to fill on the Fed’s normally seven-person board. Any nominee would be subject to Senate confirmation.

Trump had wanted to nominate economic commentator Stephen Moore and former pizza company executive Herman Cain for posts at the central bank, but both withdrew from consideration after facing tough criticism.

Reporting by Roberta Rampton and Makini Brice; Editing by Tim Ahmann and Meredith Mazzilli

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