President Donald Trump said Friday that he plans to nominate Stephen Moore – a conservative economist and former campaign adviser – to the Federal Reserve Board of Governors.
The appointment of Moore will add a strong defender of Trump’s agenda to the U.S. central bank. The President has fiercely attacked the Fed and its chairman, Jerome Powell, for raising interest rates too quickly, even though
the bank declined to raise rates last week.
Trump made the announcement to reporters while traveling to his Mar-a Lago resort in Florida.
The seven-member board is tasked with overseeing the Federal Reserve and helping to formulate and implement policy.
Moore – most recently known for his televised defenses of Trump’s economic policies – must be confirmed by the Senate for the 14-year term. Many board members do not complete the entire term.
Moore was a campaign adviser to Trump and wrote a book defending the President’s economic policy.
In an article he co-wrote last week in the Wall Street Journal, Moore said current Fed policy is “the last major obstacle” to economic growth.