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Trump’s Chance to Reform the Fed

With Federal Reserve vice chairman Stanley Fischer’s resignation, President Trump will get to appoint five of the seven members of the Fed’s board of governors. This will include the chair when Janet Yellen’s term expires early next year. According to Diane Swonk of DS Economics, “It’s the largest potential regime change in the leadership of the Fed since 1936.”

Trump thus has the opportunity to fill the Fed with economists who understand the Pandora’s box that former chairman Ben Bernanke opened when he created an unprecedented amount of money to rescue particular economic sectors during the last financial crisis.

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Robert P. Murphy is a Research Fellow at the Independent Institute and Research Assistant Professor with the Free Market Institute at Texas Tech University.

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