Critic of Fed’s crisis strategy, supporter of ‘rules based’ policy, nominated for board

Four of the Federal Reserve Board’s seven seats would be filled if the Senate confirms Marvin Goodfriend, an economics professor at Pittsburgh’s Carnegie-Mellon University.

President Trump Wednesday nominated Goodfriend, 67, who has been described as a critic of the central bank’s response to the 2008 financial crisis (including “quantitative easing” and purchases of mortgage-backed securities), and is a supporter of a “rules-based” monetary policy (i.e., open to greater scrutiny by Congress).

Goodfriend has past experience at the Fed, including in the Richmond bank and visiting economist at the Federal Reserve Board. He has also served as senior staff economist for President Reagan’s Council of Economic Advisors.

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