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A Trump administration source poured cold water on a report that Derek Kan is being considered for the Fed board

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derek kanAP Photo/Manuel Balce Ceneta

  • A news report on Friday said the White House was thinking of nominating Derek Kan for one of the two open seats on the Board of Governors.
  • But Kan is not being seriously considered for a spot on the Federal Reserve board, according to a White House source familiar with the nomination process.

Department of Transportation Undersecretary Derek Kan is not being seriously considered for a spot on the Federal Reserve board, according to a Trump administration source familiar with the nomination process.

“Kan is not under consideration,” the source told Business Insider on the condition of anonymity. 

News reports on Friday said the White House was thinking of nominating Kan for one of the two open seats on the Board of Governors.

Kan became an adviser to Elaine Chao, the federal transportation secretary, in 2017 after working as the general manager at the ride-hailing company Lyft. Previously, he served on the board of directors for Amtrak under President Barack Obama.  

Kan could not immediately be reached for comment. The Department of Transportation did not respond to an email inquiry.

Filling the open Board of Governors seats has been an uphill battle for Trump, whose previous two picks faced scrutiny from bipartisan economists and lawmakers.

In April, former pizza-chain executive Herman Cain withdrew his name from consideration after renewed concern over series of sexual-harassment accusations that surfaced during his failed presidential bid in 2012.

Stephen Moore, a conservative commentator and outspoken critic of the Fed, withdrew weeks later when key Republican lawmakers indicated they wouldn’t support his nomination. Moore had made denigrating comments about women in past writings, saying they should not make as much money as men and there should only be attractive referees and sports reporters.

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