President Donald Trump will name economist Stephen Moore, a visiting fellow at The Heritage Foundation and former Wall Street Journal economics writer, to the Federal Reserve Board to oversee the nation’s monetary policy.
“I will be nominating Mr. Moore for the Fed,” Trump told reporters Friday at the Palm Beach International Airport. “You know who I’m talking about. So he’s going to be great. He’s going to be great on the Fed.”
Moore, 59, later responded on Twitter:
Thankyou @realDonaldTrump for the opportunity to serve & for your zealous commitment to freeing the American economic engine from government overreach & oppressive taxation! https://t.co/pBOoxqo9mO
— Stephen Moore (@StephenMoore) March 22, 2019
During an interview Friday on Fox News Channel, Moore said, “I’m going to be the growth guy at the Fed.”
Fox’s Neil Cavuto asked him about past criticism of Federal Reserve policies.
“I was critical of the Fed’s last rate increase in December, and I think almost everyone agrees that was a big, big mistake. The dollar fell by several thousand points after that decision,” Moore said, adding:
I believe that the best Fed policy is keeping the price system stable. That’s why you have a currency. I always go back to first principles. Why do you have a currency? So that it retains value. It’s a medium of exchange, and the best way to achieve that is to keep prices stable. … I think the potential for the American economy is 3-4 percent growth for as far as the eye can see.
“I’m more worried about a deflation right now than an inflation,” Moore said.
In late 2018, Moore and economist Arthur Laffer released their book, “Trumponomics: Inside the America First Plan to Revive Our Economy.”
Moore, Laffer, and Larry Kudlow, who Trump appointed as director of the National Economic Council, advised the Trump presidential campaign on economic policy.
Moore also helped draft the Tax Cuts and Jobs Act, a package of reforms that reduced individual and corporate tax rates while closing loopholes with the aim of spurring the economy.
Read the full story from The Daily Signal
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