ETHICS/FEDERAL RESERVE/NOMINATIONS/TRUMP AS PRESIDENT: “The Trump administration is struggling to find a nominee for the Federal Reserve board with community banking experience, delaying plans to fill two other Fed vacancies, including a key regulatory post.
The problem: They can’t find somebody willing to take the job.
Ethics rules require Fed governors and their immediate family members to divest themselves of holdings in any financial firms to avoid potential conflicts of interest. But many of the country’s small banks are privately held and run by third- or fourth-generation executives.
Since President Donald Trump took office, at least three community banker candidates who had been recommended for the job either bowed out or declined to be considered over concerns about selling their stakes in their banks, according to people familiar with the matter.”
-Kate Davidson and Rachel Witkowski, “Trump Administration Struggles to Find Community Banker for Fed Board,” The Wall Street Journal online, June 27, 2017 05:30am