Daily News: December 1, 2017

Economist Goodfriend Nominated To Federal Reserve Board of Governors

President Donald Trump nominated macroeconomist Marvin Goodfriend, monetary policy expert and central banking historian, to serve as a member of the Board of Governors of the Federal Reserve System. Goodfriend is currently a professor at Carnegie Mellon University’s Tepper School of Business, where he’s served since 2005.

Prior to his appointment at the Tepper School, he served as senior vice president and research director at the Federal Reserve Bank of Richmond. During his 27-year tenure there, Goodfriend worked closely with the bank president to develop the bank’s policy positions.

“This is richly deserved recognition at the highest level for Professor Goodfriend, a tribute to his distinguished career as one of the nation’s foremost experts in monetary policy,” said Farnam Jahanian, Carnegie Mellon’s interim president.

“Marvin has brought both visionary and superb practical thinking to the frontlines of today’s most provocative debates on monetary policy,” said Robert Dammon, dean of the Tepper School of Business and professor of financial economics. “The Tepper School community is immensely proud to see Marvin’s life’s work recognized with this vital and prestigious nomination.”

The Board of Governors is comprised of seven members when fully seated. Board members are nominated by the President of the United States and confirmed by the U.S. Senate and serve staggered 14-year terms. The Board oversees the 12 Federal Reserve Banks, sets Federal Reserve bank regulations, and decides monetary policy together with the Reserve Bank presidents.

Goodfriend’s research encompasses monetary theory and monetary policy practice with a focus on banking and financial markets, economic development and macroeconomic fluctuations. His leadership and scholarship within global economics include his co-leadership of the Carnegie Rochester NYU Conference on Public Policy and his membership on the Shadow Open Market Committee as well as his ongoing work advising many of the world’s major central banks.

The late Tepper School political economist and Federal Reserve historian Allan Meltzer served as Goodfriend’s mentor, inspiration and close colleague before his death in May of 2017.