Marvin Goodfriend’s nomination to the Fed appears in doubt
Marvin Goodfriend’s future as a Federal Reserve governor appears either in doubt or at least in limbo.
President Donald Trump’s move in late-2017 to appoint the Carnegie Mellon economist as a central banker ran into a dead end last year when the nomination died in the Senate.
Though the White House recently sent a lengthy list of renominations Wednesday to the Senate, Goodfriend’s name was not on it, putting his status in doubt, according to a Bloomberg report.
“I have no news” on the matter, Goodfriend said when reached Thursday afternoon by CNBC.
Administration officials are reconsidering whether Goodfriend fits into what Trump wants from Fed officials. While he favors negative interest rates to stimulate the economy during down times, he also is a strong proponent of inflation targeting and has said he would like to see the Fed’s 2 percent goal codified by Congress.
In recent months, Trump has been a sharp critic of the Fed, which hiked its benchmark short-term interest rate by a full percentage point in 2018 and continued to reduce the portfolio of bonds it holds on its balance sheet. The president has indicated the tighter policy poses the biggest threat to the economic recovery.
Read the full Bloomberg report here.