The White House is considering Derek Kan, an undersecretary at the Department of Transportation, for one of two open seats on the Federal Reserve Board, according to two people familiar with the matter.
Kan, a senior adviser to Transportation Secretary Elaine Chao since 2017, has served on the board of directors for Amtrak after being nominated by former President Barack Obama in 2015, and was previously general manager at ride-hailing company Lyft Inc.
Kan has not been interviewed by the White House for the job but has had informal conversations with members of National Economic Council Director Larry Kudlow’s team, according to one of the people. Kan earned an MBA from Stanford University and studied economic history at the London School of Economics.
President Donald Trump has struggled to find candidates for the Fed that are acceptable to the senators who vote to confirm them. Trump has named four people for the two open seats on the board of governors.
None of them has made it through the Senate, raising questions about the White House vetting process for his picks.
Conservative economic pundit Stephen Moore on May 2 was the latest Fed candidate to flame out, following businessman Herman Cain and economists Nellie Liang and Marvin Goodfriend.
The White House hasn’t made a short-list of candidates, but instead has a handful of names that the administration is actively considering as advisers continue to gather resumes, according to one of the people familiar with the matter who discussed the search on condition of anonymity. The White House declined to comment.