April 12, 2019

Warren Questions Potential Fed Nominee Stephen Moore's Qualifications for the Job

Moore's Wildly Inaccurate, Inconsistent Claims About Economic Policy Raise Serious Concerns

Text of the Letter (PDF)

Washington, DC - United States Senator Elizabeth Warren (D-Mass.) today sent a letter to Stephen Moore, who President Trump has said he will nominate to the Federal Reserve Board of Governors (Fed), expressing serious concern with his potential nomination and requesting that he explain a number of false, contradictory, and politically motivated statements that call into question his economic expertise and judgment.

The seven members of the Board of Governors oversee the whole Federal Reserve system, and guide its operations so that it fulfills roles and responsibilities defined by Congress. Once confirmed by the Senate, governors generally serve a 14-year term. Congress designed the Fed to be largely independent of short-term political pressures by instituting lengthy, staggered terms for its Governors, separating it from the Congressional appropriations process, and prohibiting administration officials from serving on its Board.

In her letter to Mr. Moore, Senator Warren expressed concern that if confirmed to the Fed, Mr. Moore would be unlikely to make decisions based on evidence or act independently from political pressure, including pressure from the President. To underscore her concerns, the Senator listed several inaccurate and blatantly misleading statements that Mr. Moore has made about basic economic data and economic policy in the past.

"Even if they disagree with you politically, Americans should be able to trust that policymakers -- particularly those who have extraordinary influence over the economy, whose mere words can move markets -- have some command over basic mathematical and economic concepts and allegiance to facts," wrote Senator Warren. "I am concerned that some of your public statements demonstrate a carelessness with economic facts that could negatively affect the economy if you were confirmed."

The Senator's letter also noted numerous instances in which Mr. Moore appeared to shift his views on important policy matters to align himself with Republicans in power, rather than base his views on evidence or the country's best interests.

"These and many other statements strongly suggest that you lack the capacity to exercise the seriousness, care, consistency, and political independence expected of members of the Board of Governors by policymakers and the American public across the political spectrum," Senator Warren continued.

Senator Warren's letter asked Mr. Moore to answer a series of questions about his past statements by April 26, 2019.