Stephen Moore's appointment to the Fed would be a major step up in its politicization and step down in its expertise.
Stephen Moore, visiting fellow at the Heritage Foundation, speaks during a Bloomberg Television interview in Washington, D.C., on March 22, 2019. President Trump said he's nominating Moore, a long-time supporter of the president, for a seat on the Federal Reserve Board.
None of this describes Moore. He has been as much a political operative as an economic commentator — he co-founded the dogmatically anti-tax lobbying group the Club for Growth — which is clear enough in the way his analysis is often indistinguishable from partisan cheerleading. So a world in which Moore can be appointed to the Fed is one in which both parties would feel free to fill it with apparatchiks, where monetary policy would become just another front in our culture war.
It is how someone who used to say “zero interest rates haven’t helped the economy” when we had a president he did not like could now be so opposed to any rate increases that he thought Fed Chair Jerome H. Powell should have been fired for the last one.
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