A well-known and often polarizing figure in Washington's political circles is nominated to fill a vacancy on the Federal Reserve's seven members, President Trump told Friday.
Stephen Moore, a conservative economic analyst and frequent critic of the Fed, served as an advisor to Trump during the 201
Trump can score points with his core hangers – and with most Republican reps – by embracing a conservative activist for a Fed role that would make him watch over the economy.
"FreedomWorks is proud to see President Trump offer such a prestigious position to one of our own," said Adam Brandon, president of the Conservative Law Group. "I have no doubt that Stephen Moore would make an excellent member of the Federal Reserve Board."
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An avid tax shot advocate, Moore is close to Larry Kudlow, head of the White House's Economic Council. The two collaborated to create tax havens that Trump signed into law at the end of 2017, which led to changes that greatly favored tax cuts for businesses and wealthier people with the idea of stimulating investment and growth.
Trump has been very critical of Fed rates increasing even after the central bank announced this week that no hiking is expected this year. Moore, former chief economist of the Conservative Heritage Foundation, has also criticized the policy of Chairman Jerome Powell.
The Senate must confirm Moore's nomination. Given his powerful partisan reputation, Moore could create opposition among the Democrats in the Senate.
Trump in the first two years in the office has been able to reshape the central bank. He nominated four of the current five members. And he dropped Powell, who had been elected to the Fed by President Barack Obama, to succeed Janet Yellen as leader. If it was confirmed by the Senate, Moore would fill one of two vacancies on the board.
The choice of Moore marks a departure from Trump's previous election to the board, against a more public figure that has long pushed conservative economic and political ideology.
With Trump as president, Moore became a sharp critic of the Fed policies to shrink the balance and return prices to what the central bank sees as a neutral level – not stimulating or hindering growth. He went so far as to suggest that Trump could consider trying to burn Powell for the speed increases under his watch.
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Moore has often promised the administration and he wrote the 2018 book "Trumponomics." His partner on that book was Art Laffer, who pioneered the Republican doctrine that lower tax rates would accelerate economic growth in ways that could minimize debt.
But federal debt has jumped since Trump's overhaul to the tax code increased nearly 77 percent over the first four months of fiscal 2019 compared to the previous year.
Associated Press contributed to this report.