The Trump administration has chosen nominees for two out of three open spots on the Federal Reserve’s Board of Governors, The New York Times reported Friday.

Sources told the Times the expected nominees are former Fed official and Carnegie Mellon professor Marvin Goodfriend, as well as former Treasury Department official under President George W. Bush, Randal Quarles.

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Quarles would help to spearhead the White House’s efforts to scale back financial regulations.

Both candidates have voiced concerned about current Fed chairwoman Janet Yellen Janet Louise YellenFed formally adopts new approach to balance inflation, unemployment Federal Reserve chief to outline plans for inflation, economy The Hill's Morning Report - Presented by Facebook - First lady casts Trump as fighter for the 'forgotten' MORE’s efforts to kick start the U.S. economy in the wake of the 2008 financial crisis.

President Trump said in April that he may reappoint the chairwoman after her term ends in 2018. The president repeatedly criticized Yellen and the Obama administration’s economic policies on the campaign trail.

Sources tell the Times it remains unclear when the administration is expected to announce the nominations.