"It is my pleasure to announce that @StephenMoore, a very respected Economist, will be nominated to serve on the Fed Board. I have known Steve for a long time -- and have no doubt that he will be an outstanding choice!" Trump tweeted.
Moore, 59, is the author of "Trumpeconomics: Inside the America First Plan to Revive Our Economy" and a former member of the Wall Street Journal editorial board. He was also formerly a CNN contributor.
A CNN spokeswoman confirmed that Moore is no longer a contributor, but did not comment on when the relationship ended.
The pending nomination was first reported by Bloomberg News, and subsequently confirmed by Trump to reporters.
There are currently two vacancies on the seven-member Fed Board.
Former pizza executive and Republican presidential candidate Herman Cain is also under consideration.
Trump hasn't been shy about criticizing the Fed, targeting Chairman Jerome Powell, a former investment banker named by Trump.
The President blasted the central bank for going "loco" for raising rates four times last year. Those verbal public attacks have slowed as the Fed has signaled it will pause raising rates this year -- a fact that Powell says has had no influence on how the central bank's interest rate setting decisions.
Nominations to the Fed Board require Senate confirmation.
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