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Opinion
Jim Bianco

Moore and Cain Could Fix the Federal Reserve

The central bank has suffered from groupthink for too long.

Trump nominee Stephen Moore could help fix the Federal Reserve. 

Trump nominee Stephen Moore could help fix the Federal Reserve. 

Photographer: Bloomberg

Longtime observers of the U.S. Federal Reserve are aghast at President Donald Trump’s plan to place Stephen Moore and Herman Cain on the central bank’s Board of Governors. Many worry that Moore and Cain are unqualified and too political, thus risking the Fed’s independence. Such thinking ignores the fact that the Fed suffers from too much groupthink. In that aspect, Moore and Cain can change the central bank for the better.

To understand why Moore and Cain could be a breath of fresh air, we first need to detail just how broken the role of Fed Governor has become.