A well-known and often polarizing personality in Washington's political circles is being nominated to fill a vacancy on the seven-member Federal Reserve Board, President Trump announced Friday.
Stephen Moore, a conservative business analyst and frequent critic of the Fed, served Trump as a consultant during the 201
Trump can score points with his core supporters – and with the Senate majorityists – by including a conservative activist for a role of the Fed making him a guardian of the economy.
"FreedomWorks is proud that President Trump has offered such a prestigious position to one of our representatives," said Adam Brandon, president of this conservative interest group. "I have no doubt that Stephen Moore would become an outstanding member of the Federal Reserve Board."
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An avid proponent of tax cuts is close to Larry Kudlow, head of the White House's National Economic Council. The two worked together to implement the tax reform that Trump enacted by the end of 2017, and led to changes that favored tax cuts for businesses and high net worth individuals with the intent to drive investment and growth.
Trump has criticized the policy The Fed's interest rates are also rising after the central bank announced this week that it does not foresee any increases this year. Moore, former chief economist of the conservative Heritage Foundation, also criticized the policies of chairman Jerome Powell.
The Senate must confirm Moore's nomination. Given his strong partisan reputation, Moore was able to trigger opposition among the Democrats in the Senate.
In the first two years of his tenure Trump was able to reshape the central bank. He has nominated four of the currently five members. And he called Powell, who had been elected by President Barack Obama for the Fed Board, as the successor to Janet Yellen. If confirmed by the Senate, Moore would occupy one of two vacancies on the board.
The election of Moore signifies a departure from Trump's previous decisions for the Board, to a more public figure who has long advanced the conservative economic and political ideology.
With Trump as president, Moore became a sharp critic of the Fed's policy of cutting total assets and lowering yields on the central bank's perceived neutrality – neither stimulating nor hindering growth. He went so far as to suggest that Trump should consider trying Powell to raise interest rates under his supervision.
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. Moore has often praised the government. and he wrote the 2018 published book "Trumponomics" with. His partner in this book was Art Laffer, who predicted the Republican teachings that lower tax rates would accelerate economic growth in ways that could minimize debt.
But the public debt has jumped since then Trump's revision of the tax code increased by nearly 77 percent year on year in the first four months of fiscal 2019.
The Associated Press contributed to this report.