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News Link • Trump Administration

Don't Let Trump's Fed Pick Choke the Recovery

• https://www.bloomberg.com, by Karl W. Smith

Marvin Goodfriend's nomination is in trouble and that's a good thing.

Goodfriend is President Donald Trump's pick to fill one of the four empty seats on the Federal Reserve Board. He faced a brutal interrogation from Senator Elizabeth Warren during his confirmation hearing in January, and has won few friends among Senate Democrats.

With only a 51-seat Republican Senate majority and GOP Senators John McCain and Thad Cochran facing health problems, the White House was already struggling to get the votes needed for Goodfriend's confirmation. One Republican senator, Rand Paul, has threatened to vote against him.

While this is unfortunate for Goodfriend, it may be a blessing for the U.S. Whether by design or default, the nation has found itself in the midst of a momentous economic experiment. A combination of tax cuts and spending increases are creating an economic stimulus as large as the one that was enacted by a Democratic Congress in 2009. That one was a response to the financial crisis, though, and many economists fear that stimulating today's recovering economy would be useless or worse.

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