After reports that President Donald Trump was considering the addition of Stephen Moore to the Federal Reserve Board, the president confirmed the nomination on Friday to reporters accompanying him to Palm Beach, Florida.
Bloomberg News first reported that Moore — an economic commentator who has appeared on Fox News and CNN — was being floated as a contender for the board, which currently has two openings, along with Herman Cain.
The economist reportedly is a long-time friend of the president and also helped write Trump’s tax plan.
But perhaps what makes him most attractive to the president is Moore’s criticism of Fed Chairman Jerome Powell, whose interest rate hikes incensed Trump. Adding Moore to the board “may be the president’s attempt to check Powell and head off further tightening of U.S. monetary policy that Trump believes could slow economic growth before his 2020 re-election campaign,” Bloomberg said.
After Moore blamed the Fed for slowing the economy earlier this year in an op-ed, while simultaneously championing the president’s policy agenda, Trump’s chief economic adviser Larry Kudlow reportedly showed the piece to Trump.
Moore also has publicly chided Powell and members of the board, saying in December that “the people on the Federal Reserve Board should be thrown out for economic malpractice” and “Janet Yellen couldn’t have been any worse than the guy [Trump’s] got in there now.”