Opinion: It’s obvious what we don’t want in a Fed nominee. Here’s what we do.
By Catherine Rampell Catherine Rampell Columnist covering economics, public policy, politics and culture Email Bio Follow Columnist May 6 at 6:35 PM It’s pretty easy to identify what we don’t want in a Federal Reserve Board member. So let’s talk about what we do want.
While some saw Moore and Cain as merely the latest in Trump’s pattern of selecting the worst possible people for any given job, in a key way, they were a departure from trend. And sorry, my fellow greenroom denizens: playing an economist on TV does not count as sufficient experience. An instructive example is Narayana Kocherlakota, who was not on the Fed board in D.C. but did vote on interest-rate policy while president of the Minneapolis Fed. In 2012, he underwent a very public intellectual transformation from inflation hawk to inflation dove. While some Fed watchers may have disagreed with his recommendations , he was open about his thinking.Speaking of which, third: Fed candidates must demonstrate that they prioritize the central bank’s political independence.
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