Finance

‘Trumponomics’ co-author: Trump’s Fed picks should easily gain Senate approval

Economist, Art Laffer is pictured in Washington, DC on Sunday, March 8, 2015.

Sarah L Voisin | The Washington Post | Getty Images

President Donald Trump‘s newest picks for the Federal Reserve board should easily gain Senate approval, economist Art Laffer told CNBC’s “Closing Bell ” on Wednesday.

“I don’t see why there should be any controversy ever on getting these two approved,” said Laffer, a former economic advisor to Trump and former President Ronald Reagan. “They should be good for monetary policy.”

Trump announced Tuesday on Twitter that he intends to nominate Christopher Waller, executive vice president at the St. Louis Fed, and Judy Shelton, Trump’s former campaign economic advisor, to the Federal Reserve Board of Governors.

Both candidates, once nominated, need to be confirmed by the Senate.

Trump’s latest picks come after Stephen Moore and Herman Cain earlier this year both withdrew their names from consideration amid criticism.

Laffer, who’s against an independent Fed, admitted he doesn’t know Waller, but said he “sounds fine.” On Shelton, he said she’s “spectacular.”

Shelton will likely face criticism from the Senate as she’s one of few economists in favor of the gold standard.

However, Laffer said Shelton will be just one of twelve on the board and would have a “very diverse” voice. “I think she’s a clear, solid economic academic,” he added.

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