Trump Considers U.S. Bancorp CEO Davis for Federal Reserve Board
Bill Klotz / Finance & Commerce

Trump Considers U.S. Bancorp CEO Davis for Federal Reserve Board

Donald Trump is considering U.S. Bancorp Chief Executive Officer Richard Davis for one of three openings on the Federal Reserve Board, according to an anonymous source reported by Bloomberg.

Spokespeople for the White House declined to comment, but a bank spokesman refuted the report, saying “Richard is not a candidate for the Fed position. He is focused on the successful CEO transition in April.”

Davis, 58, has announced his plan to retire as CEO this year after more than a decade at the Minneapolis-based lender. U.S. Bancorp performed well through the financial crisis under Davis’ direction and focus on retail customers, corporations and governments, according to the Bloomberg report.

Davis expressed optimism for business conditions under the newly-elected Trump administration in a late January speech, saying the President is driving a “resurgence” in the business sector that could lead to significant economic changes. He said lenders will benefit as the new administration pursues policies that focus on less regulation and that spur consumer demand.

As the Fed prepares to hike rates in 2017, Trump is looking to fill vacancies at the central bank including vice chairman of supervision, a high-profile job that regulates the largest banks on Wall Street, and a seat reserved for an expert in the community banking sector.

Trump will also be considering replacements for Fed Chair Janet Yellen, whose term expires next year. Trump has criticized her performance as Federal Reserve chief since his campaign. Yellen spoke to congressional lawmakers last week, stating that officials at the central bank aren’t sure how the Trump Administration will impact the economy and that “considerable uncertainty” lies ahead.