zerohedge.com / by Tyler Durden / Dec 6, 2017
Marvin Goodfriend is not a Fed governor yet, but it’s likely asking far too much to expect US lawmakers to block President Trump’s nomination.
Unfortunately for the American citizenry, Goodfriend (not) has all the establishment credentials which will likely see the nomination rubber-stamped: economic advisor to the White House (1984-5), director of research at the Federal Reserve Bank of Richmond (1993-2005) when he “regularly attended meetings of the Federal Open Market Committee”, and currently Professor of Economics at Carnegie Mellon University. Watching the mainstream media’s response to Goodfriend’s nomination gave us a wry smile, as he is being portrayed as conservative. This was Reuters commenting on the news last week…
A former economic adviser in the administration of President Ronald Reagan and research director of the Richmond Federal Reserve Bank from 1993 to 2005, Goodfriend is arguably the most conservative of Trump’s Fed appointments yet. He has been critical of some recent Fed practices including the purchase of mortgage backed securities.
He has also argued that the central bank should invite more oversight from elected officials, including getting a congressional sign off on its 2 percent inflation target and more discussion of how its policy decisions line up with a “reference rule.” Those ideas are likely to find favor among conservatives on Capitol Hill who feel the Fed has accumulated too much influence.
Although some of Goodfriend’s views, which he’s no doubt enthusiastic about implementing, would be disastrous, Reuters argues (our emphasis).
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