Mr. Trump said July 2 he planned to nominate Ms. Shelton and St. Louis Fed research director Christopher Waller to fill two vacancies on the Fed’s seven-member board of governors. Analysts said then the two candidates likely stood a better chance of winning Senate confirmation than two of the president’s earlier Fed picks—conservative pundit Stephen Moore and past Republican presidential candidate Herman Cain—who withdrew from consideration earlier this year after GOP lawmakers expressed opposition to them, citing concerns about their backgrounds and qualifications.

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While Ms. Shelton was easily confirmed for her current role, her performance as an EBRD board director could raise questions in addition to the typical queries about the economy and financial regulation she would likely face during confirmation hearings if Mr. Trump formally nominates her for the Fed job.

Based in London, the EBRD was established after the Cold War to help former Communist countries make the transition to market economies. It lends and invests billions of dollars per year across Eastern Europe, the Middle East and North Africa, supporting initiatives in energy, infrastructure, telecommunications and other sectors.

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