Very wise. There is no reason for the Senate to do anything but neglect the Fed, and the Fed will be stronger at the start of 2021 if it is neglected: Josh Barro: There’s No Need for the Senate to Confirm Anyone to the Fed: "Trump... says he will nominate Judy Shelton and Christopher Waller to... fill out the board.... Shelton... like Cain and Moore before her has traded in a long track record of hawkish gold-buggery for a new, dovish outlook that calls for the low interest rates President Trump wants. In 2015, she said low interest rates were 'making suckers out of savers'. Now, even though the economy has gotten stronger and the argument for low rates should have, if anything, gotten a little bit weaker, Shelton is suddenly an advocate of cutting interest rates to zero, in order to increase access to capital. Shelton’s flip-flop is, if anything, more egregious than Moore’s and Cain’s, because monetary policy is supposed to be an actual area of expertise for her...
...Art Laffer, to whom the president just awarded the Presidential Medal of Freedom, has been attacking the very concept of Federal Reserve independence.... Historically, Fed independence has been a bigger concern for conservatives than for liberals.... It is kind of funny that it is a Republican president and conservative economic pundits like Laffer and Moore who are urging politicization of the Fed.... But conservatives in the Senate have reasons to take a long view.... The best tool they have to protect the Fed from Trump is the one they have been using: Their authority to refuse to confirm his nominees.... The Fed Board can work just fine with only five members. So long as Trump is the person making nominations, there’s no reason to aim for seven...
#noted
