President Donald Trump asked former campaign adviser Stephen Moore to accept his nomination to the Federal Reserve Board via Twitter, confirming recent news stories that he planned to do so.
Trump's offer is contingent on Moore clearing the background-check process for White House nominees, which often takes weeks or months, according to an official who spoke to The Wall Street Journal earlier the same day. Nominees are subject to Senate confirmation. The president reportedly praised Moore for a recent Journal opinion piece he co-authored that criticized Fed interest rate hikes, according to the report.
Moore, a fellow at the Heritage Foundation, told the Journal that he has yet to receive a formal offer but said he would accept if offered. Bloomberg News previously reported that the offer was being considered by the president.
"I have known Steve for a long time – and have no doubt he will be an outstanding choice!" Trump tweeted.
In a March 13 Journal opinion piece that Moore co-authored with Houston-based entrepreneur Louis Woodhill, he argued that the Fed's rate hikes in September and December 2018 caused a severe shortage of the dollar, a fall in commodity prices and a rapid slowdown of economic growth, which were all accompanied by stock market gyrations.
Moore and Woodhill said the Fed's "deflation" policies reduced real growth by 1% to 1.5% over the past six months. They also argued that with the Fed pausing its rate hikes, deflation stopped and the stock market has largely recovered. However, the damage has been done and economic growth has not yet resumed, they said.
Moore has also criticized the Fed's rate-hiking policies in pieces for the Heritage Foundation. He said in a December 2018 article that the Fed's most recent rate hike sucked "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."