trending Market Intelligence /marketintelligence/en/news-insights/trending/S0UW-2NRPmWgBUd9z7HNtw2 content esgSubNav
In This List

Report: Trump considering naming campaign adviser to Fed board


Street Talk Episode 87


A New Dawn for European Bank M&A Top 5 Trends


Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook


Banking Essentials Newsletter 2021: December Edition

Report: Trump considering naming campaign adviser to Fed board

President Donald Trump is considering appointing former campaign adviser Stephen Moore as a Federal Reserve governor, Bloomberg News reported March 21, citing two people familiar with the matter.

Moore is a visiting fellow at the Heritage Foundation conservative think tank, according to its website. He helped craft Trump's economic agenda while serving on his campaign and is the founder of the Club for Growth, according to Bloomberg.

The White House and a Federal Reserve Board spokesman declined to comment on the matter. Moore did not immediately respond to Bloomberg's request for comment.

Another person being reportedly considered for a board seat is former Republican presidential candidate and pizza chain CEO Herman Cain. There are currently two open seats on the board.

Moore has criticized the Federal Reserve's moves of gradually raising interest rates in his articles for the Heritage Foundation. In August 2018, he claimed the Fed is stuck in a "1970s intellectual cul de sac of the Phillips Curve," which he said argues higher growth means more inflation, and higher inflation means higher growth and more jobs.

"Even worse, many economists look at wage growth as an inflationary barometer rather than a favorable outcome," Moore wrote.

In December 2018, Moore said the Fed's most-recent rate hike "sucks more dollars out of the economy at a time when the world is demanding more dollars thanks to Trump's tax-cutting and deregulation policies."