The Wall Street Journal: Trump picks economist Marvin Goodfriend for Fed board

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President Donald Trump nominated Marvin Goodfriend, a former Federal Reserve economist and current Carnegie Mellon University professor, for a spot on the central bank’s board of governors on Wednesday.

If confirmed by the Senate, Goodfriend would fill one of three vacancies on the Fed’s powerful seven-member board.

Previously: Goodfriend nomination may dispel view that Trump wants doves at central bank

Trump has also nominated Fed Gov.Jerome Powell to succeed Chairwoman Janet Yellen when her term expires next February, and Yellen said last week she will resign her seat as a governor when Powell is sworn into office. That will give Trump another vacancy on the Fed’s board in Washington.

Goodfriend, a widely respected monetary economist, would provide academic heft on a board that now has just two economists, including Yellen. He has criticized the Fed’s buying of mortgage-backed securities as part of its postcrisis asset purchases aimed at lowering long-term interest rates. He has said the Fed should limit its bond-buying to Treasury securities except in limited circumstances when it has been given explicit permission by Congress.

An expanded version of this report appears on WSJ.com.

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