The daily business briefing: July 3, 2019

Trump says he plans to nominate Waller and Shelton to Fed board, former auto industry executive Lee Iacocca dies at 94, and more

Trump at the White House
(Image credit: Tasos Katopodis/Getty Images)

1. Trump to nominate Christopher Waller, Judy Shelton to Fed board

President Trump said Tuesday he plans to nominate economists Christopher Waller and Judy Shelton to the central bank's board. Trump has frequently criticized the Fed for not slashing interest rates to give the economy a boost. Shelton, the U.S. executive director for the European Bank of Reconstruction and Development, supports the gold standard and has expressed support for lowering interest rates. Waller, executive vice president and research director at the Federal Reserve Bank of St. Louis, has not been as clear about his position on interest rates, although his regional Fed bank's president, James Bullard, has called for lower rates. Both candidates would have to be confirmed by the Senate.

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