Quarles is nominee to Fed's vice chairman for supervision

The Senate has voted 17-6 to advance Quarles' nomination to the FOMC.

Earlier today, the WSJ reported that Trump is unlikely to nominate Gary Cohn as the next Federal Reserve chairman, citing people familiar with his thinking.

"The shift in Mr. Cohn's prospects for the top Fed job arises largely from his criticism of Mr. Trump's response to the violence in Charlottesville, Va., the people familiar with the matter said," according the WSJ.

Yellen's chances of re-nomination have improved but other candidates include:

  • Lawrence Lindsey
  • Kevin Warsh
  • Former BB&T Bank chief executive John Allison
  • John Taylor

Warsh would be the most interesting because he has been talking about shaking things up.

The WSJ report also says the White House is considering nominating former Richmond Fed research director Marvin Goodfriend to the Fed board. There are currently 4 vacancies, with Quarles almost certain to fill one of them.

Finally, the report said Yellen would likely accept a second term.