Trump has repeatedly criticized Fed Chair Jerome Powell for not cutting interest rates, and while he has backed off threats to try to oust Powell before his term ends on May 15, has accelerated the search for a replacement.

Waller argued for an interest-rate cut at the Fed’s July meeting, citing his worries about labor market deterioration, and dissented when the majority decided to leave short-term borrowing costs unchanged.

Waller, who was appointed to the Fed board by Trump in 2020, has said he would accept the job of Fed chair if offered.

Separately, the White House is interviewing candidates to fill the soon-to-be-open seat on the Fed board vacated by Governor Adriana Kugler.