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Biographer: Fed Founder Glass Would Not Have Been Upset With Trump Naming Cain, Moore

Biographer: Fed Founder Glass Would Not Have Been Upset With Trump Naming Cain, Moore
Matthew Fink addresses American Enterprise Institute on his new biography of Sen. Carter Glass, D-Va., pictured in the background, who is father of the Federal Reserve system. (John Gizzi/Newsmax)

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Tuesday, 07 May 2019 11:02 PM Current | Bio | Archive

The biographer of the lawmaker credited with creating the Federal Reserve Board said on Tuesday that Sen. Carter Glass, D-Va. would not have been at all upset with President Donald Trump trying to name “outsiders” Herman Cain and Steve Moore to the Fed.

“Glass would have been more understanding of it,” said Matthew P. Fink, who spoke on Tuesday at the American Enterprise Institute in Washington, D.C., adding “the idea that the Fed is some holy institution immune from politics is wrong.”

Fink is the author of the just-released and critically-acclaimed “Unlikely Reformer: Carter Glass and Financial Regulation.” As a Member of the House and later the Senate, Glass was the architect of the Federal Reserve system, the Securities and Exchange Commission, and the Glass-Steagal bill designed to regulate that banking industry.

“The single most important lawmaker in the history of American finance” is how Fink characterizes Glass, who also served as Woodrow Wilson’s secretary of the treasury.

“What would Glass think of a President who wants to name [conservative outsiders] Cain and Moore to the Fed?” asked Fink. 

Answering his own question, the author said “[a]s a politician, [Glass] would be less surprised than the echo we’re hearing in Washington about this ‘awful’ thing Trump is thinking about [his two intended Fed appointments, both of whom withdrew from the nomination process].”

Other Presidents, Fink noted, “have been involved [in Fed matters]….[Glass] would be more understanding of it.”

He went on to explain how Glass “had his own dirty hands in this…when Glass was secretary of the treasury in 1919, he used his position to lean on the Fed to sell government war bonds.”

“And a bunch of Presidents have leaned on the Fed,” Fink added, “So I think the  idea that Trump is way off the reservation is wrong.  His style may be cruder, he may be more exaggerated, but the idea that the Fed is some holy institution immune from politics is wrong.”

Fink likened the Federal Reserve Board to a “cult,” even to a point that employees at its Washington office “call it ‘the temple.’  And they put on their pants the same way we do.”

John Gizzi is chief political columnist and White House correspondent for Newsmax. For more of his reports, Go Here Now.
 

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The biographer of the lawmaker credited with creating the Federal Reserve Board said on Tuesday that Sen. Carter Glass, D-Va. would not have been at all upset with President Donald Trump trying to name "outsiders" Herman Cain and Steve Moore to the Fed.
glass, federalreserveboard, fed, cain, moore, trump
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2019-02-07
Tuesday, 07 May 2019 11:02 PM
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