Trump Considering Economist Marvin Goodfriend for Fed Board

By David Harrison and Peter Nicholas Features Dow Jones Newswires

President Donald Trump is considering nominating Marvin Goodfriend, a former Federal Reserve economist and current Carnegie Mellon University professor, for a spot on the Fed's board of governors, according to people with knowledge of the situation.

Continue Reading Below

If nominated and confirmed by the Senate, Mr. Goodfriend would fill one of three vacancies on the Fed's powerful, seven-member board.

Randal Quarles, a top Treasury Department official in the George W. Bush administration, is still expected to be nominated for another position on the Fed board, as its vice chairman for bank supervision.

Both Mr. Goodfriend and Mr. Quarles have been critical of various aspects of the Fed's response to the 2007-09 financial crisis. The fact that both are under consideration suggests a willingness on the part of the Trump administration to rein in some of the Fed's ability to stimulate the economy in downturns and to take unprecedented action in a crisis.

Messrs. Goodfriend and Quarles couldn't immediately be reached for comment. The Federal Reserve declined to comment. A White House spokeswoman said, "We have no announcement at this time."

The New York Times reported earlier Friday that Mr. Goodfriend was under consideration for a Fed board seat.

Continue Reading Below

(MORE TO COME)

Write to David Harrison at david.harrison@wsj.com and Peter Nicholas at peter.nicholas@wsj.com

(END) Dow Jones Newswires

June 02, 2017 19:02 ET (23:02 GMT)