{"id":325495,"date":"2017-09-11T03:19:56","date_gmt":"2017-09-11T02:19:56","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/newswire\/trumps-historic-opportunity-with-the-fed\/"},"modified":"2017-09-11T03:19:56","modified_gmt":"2017-09-11T02:19:56","slug":"trumps-historic-opportunity-with-the-fed","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/newswire\/trumps-historic-opportunity-with-the-fed\/","title":{"rendered":"Trump\u2019s Historic Opportunity With the Fed"},"content":{"rendered":"<div>\n<p>Today Stanley Fischer submitted his letter of resignation from the Federal Reserve\u2019s Board of Governors, effective next month, the second such resignation of Donald Trump\u2019s presidency. While Fischer\u2019s term as Vice Chairman of the Fed was set to end next year, he had the ability to serve as a governor through 2020. Along with Trump\u2019s decision next year on whether to replace Janet\u00a0Yellen\u00a0as the Fed\u2019s chair, this means Trumps will have the opportunity to appoint five of seven governors to America\u2019s central bank.<\/p>\n<p>Given that the position holds a 14-year term, it is unusual for a president to have the opportunity to make so many appointments. As Diane\u00a0Swonk\u00a0of DS Economics noted, \u201cIt\u2019s the largest potential regime change in the leadership of the Fed since 1936.\u201d<\/p>\n<p>Of course the question is now whether a change in personnel will lead to a change in policy.<\/p>\n<p>Trump has already taken steps to fill one of the vacancies, nominating Randal\u00a0Quarles\u00a0earlier this year.\u00a0Quarles, a former Bush-era Treasury official turned investment banker, will be taking the specific role of Fed vice chair of supervision. As a vocal critic of Dodd-Frank, and the Volker Rule in particular,\u00a0Quarles\u00a0may help relieve some of the regulatory burden on financial institutions, but his views on monetary policy are less clear. He\u00a0<a href=\"http:\/\/www.businessinsider.com\/trump-picks-randal-quarles-2017-4\" target=\"_blank\" rel=\"noopener\">has also voiced his support for rules-based monetary policy<\/a>, though he has distanced himself to the specific proposal of the \u201cTaylor Rule.\u201d\u00a0<a href=\"http:\/\/dailycaller.com\/2017\/01\/06\/the-fed-needs-competition-not-rules\/\" target=\"_blank\" rel=\"noopener\">Given the growing consensus building for NGDP-targeting<\/a>, and\u00a0<a href=\"https:\/\/mises.org\/blog\/case-against-fed-reform-0\">Republicans in Congress advocating for rules-based Fed reform<\/a>,\u00a0Quarles\u00a0could become a supporter from within the central bank. All in all though,\u00a0Quarles\u00a0is seen by\u00a0<a href=\"https:\/\/www.bloomberg.com\/view\/articles\/2017-04-17\/trump-shouldn-t-appoint-clones-to-the-fed\" target=\"_blank\" rel=\"noopener\">many observes as a bland Fed-appointment.<\/a><\/p>\n<p><em><strong><a href=\"http:\/\/www.cmi-gold-silver.com\/blog\/buy-old-us-gold-coins\/?utm_source=LRC_Text_Ad&amp;utm_campaign=buy_old_us_coins\">Time to buy old US gold coins<\/a><\/strong><\/em><\/p>\n<p>More&#8230;<\/p>\n<\/div>\n<p><a href=\"https:\/\/www.lewrockwell.com\/2017\/09\/tho-bishop\/trumps-historic-opportunity-fed\/\">Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today Stanley Fischer submitted his letter of resignation from the Federal Reserve\u2019s Board of Governors, effective next month, the second such resignation of Donald Trump\u2019s presidency. While Fischer\u2019s term as Vice Chairman of the Fed was set to end next year, he had the ability to serve as a governor through 2020. Along with Trump\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[519],"tags":[],"class_list":{"0":"post-325495","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-newswire"},"_links":{"self":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/325495","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=325495"}],"version-history":[{"count":0,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/325495\/revisions"}],"wp:attachment":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=325495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=325495"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=325495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}