More than 100 economists, activists back Stephen Moore for Federal Reserve

More than 100 economists and conservative activists on Monday endorsed President Trump’s pending nomination of Stephen Moore to the Federal Reserve Board.

In a one-sentence statement, 105 professors, former government officials and analysts, many with deep ties to conservative circles, said they “support Steve Moore’s nomination to the Board of Governors of the Federal Reserve.” 

{mosads}The signatories include prominent conservatives like economist Arthur Laffer, Forbes Editor-in-Chief Steve Forbes, former Fed Vice Chairman Manley Johnson and former President of the Federal Reserve of Atlanta Bill Ford.

The statement of support comes as Moore, a former Trump campaign adviser and prolific economic commentator, faces intense scrutiny and criticism from across the political spectrum.

Trump floated Moore for a spot on the Fed board in March, but he has not been officially nominated.

GOP lawmakers and conservative activists have generally been supportive of Moore, an opinion contributor for The Hill. Those who support him tout his decades of advocacy for conservative economic policies and say he would add a fresh, unconventional perspective to the Fed board.

But Moore has also faced fierce backlash from economists on the left and right for his close ties to Trump and advocacy for the president’s economic policies.

Moore co-authored a book with Laffer touting Trump’s policy agenda and has frequently echoed the president’s gripes with the Fed through opinion columns and interviews on TV and radio.

“There’s no bigger swamp in Washington than the Federal Reserve Board,” Moore said in a February interview. “It’s filled with hundreds of economists who are worthless, who have the wrong model in their mind. They should all be — they should all be fired and they should be replaced by good economists.”

Moore’s detractors also say his fiercely partisan background, controversial statements and dubious economic analyses have disqualified him from serving on the Fed board.

It’s unclear if Moore has enough support from GOP senators to be confirmed, and some Republicans have expressed concerns about his potential impact on the Fed’s independence.

Four GOP senators last week announced their opposition to businessman and 2012 presidential candidate Herman Cain, whom Trump also floated for the Fed, in part because of his leadership of a pro-Trump super PAC.

Larry Kudlow, director of the White House National Economic Council, on Monday defended Trump’s interest in Moore and Cain. He said that while the two were “unconventional in a sense,” Trump would not be “overturning” the Fed’s independence if Moore and Cain were confirmed.

“President Trump, first of all, he’s a disruptor. He wants to add some new blood to the Fed,” Kudlow said  on “Fox & Friends.”

“Conventional economists, many of whom work at the Fed, seem to believe too many people working and prospering and succeeding is bad,” Kudlow added.

“Our guys, these nominees, have a completely different view. It’s common sense, is it not?”

Brett Samuels contributed.