The Federal Reserve Needs (Stephen) Moore Transparency
In choosing Stephen Moore as a potential nominee to serve on the Federal Reserve Opens a New Window. Board of Governors, President Trump Opens a New Window. made a good faith gesture to the American people to bring more transparency to the Federal Reserve.
The Trump administration promised to “Drain the Swamp” and to hold Washington accountable to the American people. Without a doubt, a Fed board with Stephen Moore will bring us one step closer to achieving that goal. Moore would certainly shake things up as a fierce advocate of the taxpayer, and a vocal critic of the Federal Reserve. This, of course, makes him an enemy of the Swamp.
What is the Federal Reserve doing behind closed doors? This question has been asked countless times by economists wary of the government institution behind the wheel of the American economy.
When the Federal Reserve plays with money supply and interest rates, it changes the strength of the U.S. dollar and wreaks havoc on savings and investment. The Federal Reserve chairman is one of the most powerful officials in Washington, if not the global economy, and few citizens know his name.
It is correct to be skeptical of any government-run entity holding tremendous power with almost no transparency or oversight. The Federal Reserve is an independent central bank, but that doesn’t give it license to be a closed-door, secretive bank.
Moore is exactly the type of economist and thought leader the Fed board desperately needs. He spent years at nonprofit advocacy groups and think tanks, fighting to bring more transparency and accountability to Washington.
He is a former senior economist on the Congressional Joint Economic Committee, a former member of the Wall Street Journal editorial board, and currently a senior economist at FreedomWorks. He assisted two presidential administrations with economic research and advice. He is one of the most established intellectuals in the field of economics today.
The Washington establishment has done its worst to sabotage Moore in the media. Once again, a cabal of left-leaning consultants, lobbyists, lawyers and politicians are colluding together to protect the status quo at the expense of the rest of us. They are attacking Moore’s professional history, and his personal life.
They know Moore is not afraid to shake up “business as usual” in Washington, and they are trying to smear and ridicule him into silence. It’s not going to work this time.
With 35 years of experience as an economist, Moore is used to scrutiny. His platform as a syndicated columnist and network news commentator has allowed him to deliver a free-market message to millions of Americans nationwide. His public persona forced him to defend his economic analysis daily, often during hostile interviews and live debates.
Moore’s background as a visible communicator makes his record completely transparent and allows the Senate to know exactly where he stands. They know he will be a voice on the Fed board that sticks up for the American consumer and businesses. They know he believes in the pro-growth policies that are currently propelling the U.S. economy upward.
Moore would also bring a much-needed contrarian viewpoint to the Federal Reserve Board as they govern monetary policy. The Federal Reserve currently has a groupthink problem, and Moore is the solution. Unlike the current Fed board, Moore doesn’t believe economic growth causes inflation. He believes in promoting private sector growth, rising wages, job creation and a strong dollar.
The Senate must ignore the distractions and sideshows perpetuated by this Democrat-led smear campaign and proceed with Moore’s confirmation. A Federal Reserve Board of Governors with Stephen Moore would solidify a bold new path forward for Washington, one that puts the American people and U.S. economy first.
Adam Brandon is president of FreedomWorks.
