President Donald Trump will nominate former Treasury official Randal Quarles to the Federal Reserve Board, the White House said on Monday.  

The Trump administration is looking to fill three open positions on the Federal Reserve's seven-member Board of Governors. The other likely nominees include Marvin Goodfriend, a Carnegie Mellon University professor of economics, The New York Times first reported, and Robert Jones, chairman and chief executive of Evansville, Indiana-based Old National Bancorp (ONB) - Get Report , according to a Bloomberg report.

If confirmed by the Senate, Quarles will serve as the Fed's vice chairman for bank supervision. The role was created by Congress following the 2008 financial crisis but was never filled during the Obama administration, although Daniel Tarullo essentially filled the position before he resigned from the Fed in April. 

Considering the president's plan to nominate Quarles, TheStreet examines the men who may be joining the Fed board.

This story was updated on July 11 to reflect the President's plan to nominate Randal Quarles to the Fed board. The story was originally published on June 9.

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