President Donald Trump is weeks away from naming anyone to the board of the Federal Reserve, meaning that it could be the fall before three currently empty seats are filled, Reuters reported yesterday. The vacancies on the Fed's seven-member Board of Governors include the position of vice chair in charge of banking oversight, a critical role in Trump's plan to revamp financial rules. The White House wants to get all nominees vetted by the Federal Bureau of Investigation and the Office of Government Ethics before they name them publicly and that process can take months. If the vetting drags on, it runs the risk of delaying those people from taking their jobs until sometime this fall, complicating Trump's plan to reshape regulation of Wall Street. The Fed positions require confirmation by the Senate and could be delayed further by a five-week congressional recess from the end of July to the beginning of September.
