On March 22nd, Donald Trump announced the nomination of Stephen Moore, a former campaign aide, for a seat on the US Federal Reserve Board (FRB). The FRB is an apolitical seven-member panel in charge of overseeing the twelve district Federal Reserve Banks, determining US monetary policy, regulating banks, and maintaining the stability of our financial system.
Economists from both sides of the aisle condemned Moore’s nomination due to his lack of knowledge and experience. Ben Steil, Senior Fellow and Director of International Economics at the Council on Foreign Relations, wrote, “Moore's monetary commentary has for well over a decade been relentlessly partisan, illogical, and fact-fudged.” N. Gregory Mankiw, a former top economic adviser to the George W. Bush administration and current economics professor at Harvard University, wrote, “Steve is a perfectly amiable guy, but he does not have the intellectual gravitas for this important job.”
Senators must reject Trump’s partisan pick for this critical position on the Federal Reserve Board. If confirmed, Moore’s 14-year appointment could have lasting economic effects long past the Trump presidency.
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