Monday, March 25, 2019

Trump’s Federal Reserve nominee doesn’t know how the Fed works

Stephen Moore, who was nominated last week by President Donald Trump to be a governor of the U.S. Federal Reserve, has admitted in an interview that he needs to do a lot of homework about his potential future place of employment.
Moore, who does not have doctorate in economics even though he regularly opines on economics in media appearancestold Bloomberg TV that he still isn’t sure what he’ll be doing in at the Federal Reserve, and he needs to educate himself about what America’s central bank actually does.

“I’m kind of new to this game, frankly, so I’m going to be on a steep learning curve myself about how the Fed operates, how the Federal Reserve makes its decisions,” Moore explained. “It’s hard for me to say even what my role will be there, assuming I get confirmed.”
Moore’s nomination has drawn widespread criticism, even among some conservative economists. Greg Mankiw, a Harvard professor who was chairman of the White House Council of Economic Advisers under President George W. Bush, urged the Senate to vote down Moore’s nomination to serve at the Fed.
“He does not have the intellectual gravitas for this important job,” Mankiw wrote. “It is time for senators to do their job. Mr. Moore should not be confirmed.”

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