Sean Fieler: President Trump’s Effort to Shake Up the Fed
From APP chairman Sean Fieler’s op-ed in The Daily Caller:
There is more to President Donald Trump’s monetary policy than political self-interest. If the president simply wanted low rates and to ease the regulatory burden of the Federal Reserve, he could achieve these outcomes without much resistance. However, Trump also wants to disrupt the Fed’s ruling monetary clique. To this end, he has nominated a series of dissidents to the Fed’s board. With Judy Shelton’s Senate confirmation hanging in the balance, it’s time for Trump to explain why this fight with the Fed is worth the effort.
From his post-election courting of John Allison to 2019’s nominations of Herman Cain and Steve Moore, Trump has sought to elevate an array of critics to the Fed’s board. Allison was never nominated, and both Moore and Cain withdrew from consideration, making Shelton the first of Trump’s dissidents to receive a Senate confirmation hearing. That hearing, which occurred Feb. 13, revealed hardened opposition to Trump’s effort to shake up the Fed.
Shelton’s 90-minute session with 15 senators had the drama and combativeness befitting a Supreme Court confirmation fight. To quote Senate Banking Committee Chair Mike Crapo, there was an “orchestrated, calculated effort” to defeat Shelton. Democratic Montana Sen. Jon Tester attacked Shelton for everything from wanting to privatize the Post Office to quoting the actual text of the legislation governing the Fed. He was not alone. Led by Democratic Ohio Sen. Sherrod Brown, the well-prepared Democrats on the committee left no doubt of their united opposition to her confirmation.
Read the full op-ed here.