A well-known and often polarizing figure in Washington's political circles was nominated for a vacancy in the Federal Reserve's seven-member board, President Trump said on Friday.
Stephen Moore, a conservative economic analyst, and a frequent critic of the Federal Reserve, served as Trump's advisor during the 201
Trump can score points with his main supporters – and with the majority of Republicans in the Senate – by adopting a conservative activist for a role for the Fed to make him watch
"FreedomWorks is proud that President Trump offers such a prestigious position of our own, "said Adam Brandon, president of the Conservative Advocacy Group. "I have no doubt that Stephen Moore will be an excellent member of the Federal Reserve Board." for Larry Kudlow, head of the White House National Economic Council. They helped shape the tax reform that Trump entered into at the end of 2017, which led to changes that greatly favored tax cuts for corporations and richer people with the idea of stimulating investment and growth. the Fed's rate is rising even after the central bank announced this week that it does not plan to raise this year. Moore, a former chief economist at the Heritage Conservative Foundation, has also criticized President Jerome Powell's policy.
The Senate must confirm Moore's nomination. Given his sharply guilty reputation, Moore could provoke opposition among Democrats in the Senate.
Trump in the first two years of his post managed to change the central bank. He named four of the current five members. He also listens to Powell, who was elected president of the Fed by President Barack Obama to succeed Janet Yellen as chairman. If confirmed by the Senate, Moore will fill one of the two vacancies on the board.
Moore's election marks a departure from Trump's previous election to the board, to a more public figure who has long pushed the conservative economic and political ideology.
With Trump as President, Moore has become a sharp critic of the Fed's policies to shrink the balance and rate of return to what the central bank sees as a neutral level – neither stimulating nor hindering growth. He went so far as to suggest that Trump might have thought to try to fire Powell for the price increases under his watch. and he co-authored the book 2018 "Trumponomics". His partner in this book is Art Laffer, who pioneered the Republican doctrine, that lower tax rates will accelerate economic growth in ways that could minimize debt.
The revision of Trump to the Tax Code grew by nearly 77% in the first four months of the fiscal year 2019 compared to the previous year.
Associated Press contributed to this report.