Bruce Bartlett, Opinion contributor Published 6:00 a.m. ET April 8, 2019
Herman Cain and Stephen Moore would do their best to give Trump what he wants. But if confirmed to the Fed board, they’d be only two of seven members.
The Federal Reserve — our nation’s central bank, or the bank for banks — has enormous power. That’s why, at its , it was deliberately created to be a step removed from day-to-day politics.
With his on the Fed and plans to nominate to be members, however, it’s clear that President Donald Trump does not respect that distance. The question is whether we should be alarmed, given the Fed’s immense authority to control the U.S. economy.
The Fed can literally create money out of thin air, by buying Treasury securities. It simply