May 17, 2019

Report: White House considering Derek Kan for open Fed slot

Derek Kan (L) tours California infrastructure projects with Rep. Jeff Dunham. Photo: Justin Sullivan/Getty Images.

The White House is considering Derek Kan, undersecretary at the Department of Transportation, for a spot on the Federal Reserve's Board of Governors, Bloomberg reports. A source close to the situation tells Axios that the leak reads like a "trial balloon," after President Trump's past four picks failed to pass muster.

The bottom line: Kan already has made it through the Senate confirmation process in order to move into his current position, which could make the White House believe he'd have smoother sailing than past nominees.

  • Kan isn't considered an expert on monetary policy, but did study economic history at the London School of Economics. He also served as as chief economist to Sen. Mitch McConnell (R-Ky.) during the financial crisis and its Dodd-Frank aftermath.
  • He later joined Lyft as a general manager and was named by President Obama to the Amtrak board.

Go deeper: Trump works to fill out the Fed board

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Coronavirus kills 2 Diamond Princess passengers and South Korea sees first death

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. U.S. numbers include Americans extracted from Princess Cruise ship.

Two elderly Diamond Princess passengers have been killed by the novel coronavirus — the first deaths confirmed among the more than 600 infected aboard the cruise ship. South Korea also announced its first death Thursday.

The big picture: COVID-19 has now killed more than 2,200 people and infected over 75,465 others, mostly in mainland China, where the National Health Commission announced 118 new deaths since Thursday.

Go deeperArrowUpdated 3 hours ago - Health

SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.