JUST IN: TRUMP JUST MADE THE NOMINATION

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As reported by bloomberg.com

Donald Trump said he’s nominating Stephen Moore, a visiting fellow at the Heritage Foundation and a long-time supporter of the president, for a seat on the Federal Reserve Board.

Trump made the announcement Friday to reporters traveling with him to Palm Beach, Florida, confirming an earlier Bloomberg News report. The president later said in a tweet that Moore is “a very respected Economist” and said he has “no doubt he will be an outstanding choice.”

Moore has emerged as an ardent critic of the Federal Reserve Board under its current chairman, Jerome Powell, who fell out of favor with Trump last year after the Fed’s rate increases. Placing him on 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.

Moore blamed the Fed for slowing the economy while championing Trump’s policies in a March 13 Journal column that he co-authored. Trump’s chief economic adviser Larry Kudlow showed the op-ed to Trump over lunch last week, according to two people familiar with the matter.

Trump remarked to Kudlow that he should have appointed Moore to be Fed chairman, the people said, and directed Kudlow to call Moore and gauge his interest in a board seat. This week, Trump called Moore himself and asked if he’d accept a nomination to the board.

President’s tweet

It is my pleasure to announce that @StephenMoore, a very respected Economist, will be nominated to serve on the Fed Board. I have known Steve for a long time – and have no doubt he will be an outstanding choice!

 

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