Narayana Kocherlakota, Columnist

Don't Appoint Clones to the Fed

Trump's reported nominee, Randal Quarles, is too similar to the current group of governors.

April 17, 2017 at 5:19 PM UTC

Narayana Kocherlakota is a Bloomberg Opinion columnist. He is a professor of economics at the University of Rochester and was president of the Federal Reserve Bank of Minneapolis from 2009 to 2015.

How about some diversity?
Photographer: Chip Somodevilla/Getty Images

Provide news feedback or report an error

Site feedback:

Take our Survey

This article is for subscribers only.

Donald Trump has reportedly zeroed in on a candidate to be the top financial regulator at the Federal Reserve. Unfortunately, his choice lacks one of the fundamental requirements for the job: a background and perspective different from that of other Fed governors.

I'm not personally acquainted with Randal Quarles, Trump's purported nominee to be vice chair for supervision and regulation on the Fed's Board of Governors. His education and experience, though, suggest that the Trump administration is looking for a clone of current Fed Governor Jay Powell.