Two previous Trump nominees, Nellie Liang and Marvin Goodfriend, failed to advance in the Senate in 2018. Unlike Moore, neither faced accusations that they were unqualified.
Moore, who has a master of arts in economics from George Mason University in Virginia, is better known for helping promote a fiscal agenda than he is for monetary-policy expertise. He co-wrote, with economist Arthur Laffer, a 2018 book on Trump’s economic strategy entitled “Trumponomics: Inside the America First Plan to Revive Our Economy.”
After Trump announced Friday that he would be nominating Moore to the Fed, Moore took the unusual step of going on TV. In a Bloomberg Television interview he said the Fed’s unanimously approved December rate increase was “a very substantial mistake.”
He also said he has a “long road ahead” as he turns toward a Senate confirmation process and also said he has lot to learn.
“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 said. “It’s hard for me to say even what my role will be there, assuming I get confirmed.”
This article provided by Bloomberg News.