OREANDA-NEWS. US President Donald Trump has proposed the addition of economists Judy Shelton and Christopher Waller to the Board of Governors of the Federal Reserve System. This was reported on Thursday by the White House press service.

Shelton, in particular, previously held the position of Executive Director of the United States at the European Bank for Reconstruction and Development, and Waller is Executive Vice President and Research Director of the Regional Bank in St. Louis (branch of the Fed). Nominations must be approved by the US Senate.

The US Federal Reserve serves as the central bank, implements monetary policy by influencing the terms of money circulation and the loan rate. The regulator unites 12 regional banks in large cities. The governing body of the Fed is the Board of Governors. He oversees the activities of the monetary and banking systems and formulates the basic rules of financial policy.