Business Notes GOVERNMENT

One of President Reagan's legacies will be a Federal Reserve Board that is stacked to his liking. All four of his appointees on the seven-member panel agree to varying degrees with the doctrine of keeping a loose rein on the money supply to promote economic growth. But judging by the names of likely nominees for the two latest vacancies, which became an item of speculation last week, the Administration now seems inclined to continue to let the board have some dissenting voices. One probable nominee is Leif Olsen, 60, a former Citibank economist who leans toward a monetarist, or tight-money, philosophy. Another is Edward Kelley, 54, a Houston investment counselor who displays no particular allegiance to easy-money thinking.