{"id":1773220,"date":"2022-12-13T07:32:30","date_gmt":"2022-12-13T12:32:30","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1773220"},"modified":"2022-12-13T07:32:34","modified_gmt":"2022-12-13T12:32:34","slug":"2024-gop-contenders-should-cue-struggling-americans-in-on-their-intended-nominees-for-the-fed","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/2024-gop-contenders-should-cue-struggling-americans-in-on-their-intended-nominees-for-the-fed\/","title":{"rendered":"2024 GOP Contenders Should Cue Struggling Americans In On Their Intended Nominees For The Fed"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2F2024-gop-contenders-should-cue-struggling-americans-in-on-their-intended-nominees-for-the-fed%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1773220&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Following last month\u2019s midterm elections, this week\u2019s meeting of the Federal Reserve\u2019s Federal Open Market Committee effectively serves as the first such meeting of the 2024 campaign cycle. With the Fed\u2019s inaction last year <a href=\"https:\/\/thefederalist.com\/2021\/11\/17\/how-the-federal-reserve-keeps-stoking-inflation\/\" target=\"_blank\" rel=\"noreferrer noopener\">exacerbating inflation<\/a>, and its current round of interest rate hikes likely to slow the economy in the year ahead, Republican presidential candidates should highlight the Federal Reserve Board\u2019s importance by proposing a list of nominees they intend to advance via Senate confirmation for vacant Fed posts if elected.<\/p>\n<p>The pernicious tax imposed by record-high and persistent inflation demonstrates the ways in which monetary policy <a href=\"https:\/\/thefederalist.com\/2022\/03\/16\/polls-show-bidenflation-is-killing-democrats-with-minority-voters\/\" target=\"_blank\" rel=\"noreferrer noopener\">affects families nationwide<\/a>. Far from serving as obscure technocrats, appointments to the Federal Reserve rank among a president\u2019s most consequential, with more far-reaching effects on Americans\u2019 lives than some Supreme Court justices. Presidential aspirants should act accordingly.<\/p>\n<p>The next Republican president should pledge to appoint a successor to Jerome Powell, the current Fed chairman, who was appointed by President Trump. Powell, along with President Joe Biden, laid the groundwork for the present economic malaise. By <a href=\"https:\/\/www.cnbc.com\/2020\/10\/06\/fed-chair-powell-calls-for-more-help-from-congress-says-theres-a-low-risk-of-overdoing-it.html\" target=\"_blank\" rel=\"noreferrer noopener\">stating<\/a> in the fall of 2020 that \u201cthe risks of overdoing\u201d stimulus \u201cseem to be smaller,\u201d Powell gave <em>carte blanche<\/em> to Biden and Democrats for the $1.9 trillion blowout they passed in March of 2021. And by rationalizing high inflation as \u201ctransitory\u201d for most of 2021, Powell continued the quantitative easing that monetized the debt from Democrats\u2019 spending binge, while accelerating its inflationary effects.<\/p>\n<p> The Fed Needs a New Leader <\/p>\n<p>Having found themselves behind the inflation curve, Powell and the Fed spent this summer and fall raising rates in an attempt to overcome their prior lassitude. But one deserves little credit for cleaning up a mess of one\u2019s own making, as even Powell\u2019s predecessor Ben Bernanke <a href=\"https:\/\/thehill.com\/policy\/finance\/3490034-bernanke-feds-slow-response-to-inflation-was-mistake\/\" target=\"_blank\" rel=\"noreferrer noopener\">called<\/a> the Fed\u2019s inaction last year a \u201cmistake.\u201d That mistake could prove costly for the American economy, as the Fed will likely have to tighten monetary policy harder, and for a longer period, than if it had acted sooner.<\/p>\n<p>The failures of the Biden-Powell economic policies merit not just a new president, but a new Fed chairman \u2014 and Republican candidates should not hesitate to say so. As interest rates rise and the economy slows, Democrats will doubtless plead for the Fed to change tack and loosen monetary conditions; Sen. Elizabeth Warren, D-Mass., has <a href=\"https:\/\/www.wsj.com\/articles\/jerome-powells-fed-pursues-a-painful-and-ineffective-inflation-cure-unemployment-recession-pandemic-paycheck-putin-supply-chain-corporations-larry-summers-interest-rates-11658657627?mod=opinion_lead_pos6\" target=\"_blank\" rel=\"noreferrer noopener\">already started<\/a> the clamoring.<\/p>\n<p>Conservatives have ample political and policy reasons for discussing Fed policy during the presidential campaign, to highlight the missteps of the Biden-Powell regime and reinforce the need for sound money as the <em>sine qua non<\/em> for American families. Moreover, with federal debt rising to historically unprecedented levels, and the <a href=\"https:\/\/www.wsj.com\/articles\/cbo-sounds-a-warning-of-american-fiscal-ruin-tax-increases-gdp-federal-debt-saving-work-private-investments-11652635997?mod=opinion_lead_pos10\" target=\"_blank\" rel=\"noreferrer noopener\">need for fiscal consolidation looming<\/a>, conservatives should pre-emptively warn against progressive attempts to monetize that debt via loose interest-rate policies that would prolong the current inflationary plague.<\/p>\n<p> Define an Important Issue <\/p>\n<p>Republican presidential candidates setting out lists of potential nominees for Federal Reserve Board vacancies will help draw clear contrasts. With inflation remaining stubbornly high and economic growth stubbornly stagnant, a focus on Fed<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GOP presidential candidates should highlight the Federal Reserve\u2019s importance by proposing a list of nominees for vacant posts if elected.<\/p>\n","protected":false},"author":521,"featured_media":1773223,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[546],"tags":[4506,3884,8374,8372,7498,6919,6203,8373,8163,5369],"class_list":["post-1773220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-federalist","tag-4506","tag-americans","tag-contenders","tag-cue","tag-fed","tag-federalist","tag-gop","tag-intended","tag-nominees","tag-struggling"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1773220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/521"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1773220"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1773220\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1773223"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1773220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1773220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1773220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}