Trump to nominate economics professor to Federal Reserve

WASHINGTON (AP) - President Donald Trump is going to nominate Marvin Goodfriend, a Carnegie Mellon University economics professor, for a seat on the Federal Reserve Board, the latest step in the administration's effort to put its stamp on the nation's central bank.

The White House has announced that Goodfriend will be nominated to fill one of three empty seats on the Fed's seven-member board. If confirmed by the Senate, Goodfriend would have a 14-year term on the powerful board that helps set interest rate policies.

Goodfriend is a highly respected monetary economist who from 1993 to 2005 was research director at the Federal Reserve Bank of Richmond, Va., one of the Fed's 12 regional banks.

Trump earlier this month tapped Fed board member Jerome Powell to serve as its next chairman.