In March, Trump offered a Fed board seat to his former campaign adviser Moore, who has criticized the Fed's tight-money policy, calling it a threat to U.S. economic growth, which echoed the view of the president.

Moore, a visiting fellow for Project for Economic Growth at The Heritage Foundation, and the founder of the conservative Club for Growth, is also the author of the book "Trumponomics: Inside the America First Plan to Revive our Economy."

"Steve won the battle of ideas including Tax Cuts and deregulation which have produced non-inflationary prosperity for all Americans. I've asked Steve to work with me toward future economic growth in our Country," Trump tweeted Thursday.

Some are concerned that the nomination of Moore, who holds similar views with the president, might undermine the Fed's independence.

Moore has also faced criticism after court documents filed in 2018 surfaced in late March showed that he owed 75,000 U.S. dollars in unpaid federal taxes, interest and penalties.

Former Republican presidential candidate Herman Cain, also considered a Trump loyalist, withdrew himself from consideration for a spot on the Fed board last week after a bipartisan pushback. There are currently two vacancies on the seven-member Fed board.

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