Tags: Financial Markets | Joe Biden | Money | janet yellen | jerome powell | stephen moore | federal reserve

Stephen Moore 'More Worried About Powell at Fed Than Yellen at Treasury'

jerome powell smiles during a congressional hearing
Federal Reserve Chairman Jerome Powell (Susan Walsh/AP)

By Monday, 30 November 2020 03:30 PM Current | Bio | Archive

Conservative economist Stephen Moore told Newsmax on Monday he was less worried about Joe Biden's appointment of Janet Yellen as secretary of the treasury than he was about Jerome Powell being reappointed as chairman of the Federal Reserve Board in 2022.

"If you watch Powell try to do Biden's bidding over the next two years, it will become obvious he's angling to be reappointed [to another four-year term as Fed chairman]," said Moore, a past adviser to President Trump, whose own nomination to the Federal Reserve Board was killed by Senate opposition in 2019.

Moore recalled how he strongly urged Trump to "get his own Fed chairman" and was initially supportive when the president did not reappoint Yellen as chairman and instead turned to Powell.

But Moore and other conservatives have been disappointed by a number of moves Powell has since made assuming the gavel at the Fed.

These range from raising interest rates in 2018 (which led Trump to say he "maybe" regretted choosing Powell for the job) and later reducing bond-buying quantitative easing (which Trump blasted as "insane").

"Powell could now try to pick winners and losers for Fed support to please Biden," Moore said.

As for Yellen — at 74, the oldest Treasury secretary in history — Moore said "she's probably a pretty good pick. She's got a history of moderation, although she could support a federal stimulus package or a massive tax increase — both things Biden talked up during campaign."

Yellen will also be the third Treasury secretary in history to have served as chairman of the Federal Reserve Board. The others were Williams Gibbs McAdoo, who was Woodrow Wilson's Treasury secretary from 1913-18 and served simultaneously from 1913-14 as the first Fed chairman, and G. William Miller, Fed chairman from 1978-79, who resigned to become Jimmy Carter's Treasury secretary.

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

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Conservative economist Stephen Moore told Newsmax on Monday he was less worried about Joe Biden's appointment of Janet Yellen as secretary of the treasury than he was about Jerome Powell being reappointed as chairman of the Federal Reserve Board in 2022.
janet yellen, jerome powell, stephen moore, federal reserve, treasury secretary
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2020-30-30
Monday, 30 November 2020 03:30 PM
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