Trump is reportedly making 2 huge additions to the Federal Reserve

Trump Yellen 4x3Carlos Barria/Reuters; Composite by Bob Bryan/Business InsiderPresident Donald Trump and Fed Chair Janet Yellen

President Donald Trump is set to pick two new members of the Federal Reserve’s Board of Governors according to a report.

Binyamin Appelbaum and Kate Kelly of the New York Times report Trump will tap Randal Quarles and Marvin Goodfriend for two of the open spots on the Fed Board according to sources familiar with the decision.

Quarles served at the Treasury Department under George W. Bush. Goodfriend is a professor at Carnegie Mellon University and previously worked as a policy advisor at the Federal Reserve Bank of Richmond.

The White House told the New York Times that no announcement was pending.

At the Fed, Quarles would also oversee banking regulation. The former Fed official in charge of this position, Daniel Tarullo, was known to be stricter on banking regulation, but given Trump’s calls for deregulation at the big banks it is expected that Quarles will take a softer stance.

Both Quarles and Goodfriend are seen as more conservative economists according to the Times report.

This is also the first in a series of changes that Trump is expected to make at the Fed. A third seat on the Board of Governors remains open. Additionally, the terms for Fed chair Janet Yellen and Vice Chair Stanley Fischer will expire in February 2018, giving Trump two more spots to fill.

Read the full story at the New York TimesĀ»

NOW WATCH: Former Navy SEAL commanders explain why they still wake up at 4:30 a.m. — and why you should, too

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.