Trump considers negative rates advocate for Federal Reserve role


By Sam Fleming and Demetri Sevastopulo
Financial Times, London
Friday, June 2, 2017

WASHINGTON -- Donald Trump is considering a former Federal Reserve economist who has advocated the use of negative rates to join its board of governors as he prepares for a series of appointments to the central bank, according to a White House official. 

Marvin Goodfriend, a professor at Carnegie Mellon University, is in contention to fill one of three vacancies on the board, alongside Randal Quarles, a former Treasury Department official. Mr Goodfriend has a reputation as a free thinker who has been critical of some of the Fed's crisis-era interventions but also willing to contemplate radical monetary policy. 

Mr. Quarles, meanwhile, is being considered to take over the financial regulatory functions of the Fed's board, previously discharged by Daniel Tarullo. The administration has been saying that it wishes to ease the burden of some of the regulations that were imposed on Wall Street in the aftermath of the financial crash. 

Mr. Trump is preparing for a major shake-up of the Fed with a series of vacancies coming free on the Fed's board in Washington. Next year the term of Janet Yellen, Fed chair, expires and the president has left open whether he will reappoint her or seek a new appointee for the position. ...

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