On March 22, I wrote that the nomination of Stephen Moore was a long shot due to a number of factors of which political partisanship was one major stumbling block. At that point there had been no official nomination published by the White House. Over a week later, this still has not happened.
The lack of a specific nomination has not delayed the inevitable intense scrutiny that faces any nominee to the Board of Governors. Nominees are expected to have a record on monetary policy that can be examined, or at least one that reflects deep knowledge of business and/or financial markets. Some measure of academic and/or disinterested public service is a help as well. Moreover, their finances are reviewed to ensure that there are no conflicts of interest or legal entanglements that could compromise their independent decision making.
Irrespective of his views on fiscal and monetary policy, recent press reports suggest that Moore is falling short of the qualities and qualifications that have characterized the other candidates put forward by the Trump White House. That fact that no formal nomination has been made after the initial tweet from President Trump may indicate he is not fully committed to his candidate. Whether this is the case or not, getting Moore through the nomination process will be an increasingly hard sell.
Disclaimer: Whetstone Analysis provides commentary as a service to its subscribers. Whetstone Analysis is not responsible for, and expressly disclaims all liability for, damages of any kind arising out of use, reference to, or reliance on any information contained within the site. While the information contained within the site is periodically updated and every effort is made to ensure its accuracy, no guarantee is given that the information provided in this Web site is correct, complete, and up-to-date. Click here to read our full Disclaimer.