Would Stephen Moore change the Fed, or vice versa?
By John Heltman
For most of President Trump’s term in office, his appointments to the Federal Reserve Board have been establishment figures — experienced policymakers whose presence on the board calms market fears about upheaval at the central bank. But observers say the latest names mentioned for prospective governor positions — first, former GOP presidential candidate Herman Cain and then the conservative pundit Stephen Moore — are a sign that that tide is turning. …Karen Shaw Petrou, managing partner of Federal Financial Analytics, said it is uncommon for a single board member to bend the agency to his or her will, but it is not unprecedented. She noted the outsize impact of former Gov. Daniel Tarullo — who had been an adviser on President Obama’s campaign — on the Fed over the course of his tenure from 2009 until 2017. “He came on board and took possession of the Fed staff, which had been very stodgy, relaxed, old, very tight with the banks on regulatory and supervision structure, and he shook the dickens out of it,” Petrou said. “And by the time he left, he had really reshaped the Fed’s cultural approach to regulation, and to a lesser extent supervision.”