Trump's once-in-a-generation chance to remake the Fed

The Fed has been understaffed for years, giving Trump an opportunity to mold America's central banking system in his image

President Trump.
(Image credit: Illustrated | NICHOLAS KAMM/AFP/Getty Images, Camrocker/iStock)

President Trump's nominations to the Federal Reserve Board are making headlines, and for good reason. Both Stephen Moore and Herman Cain are viewed as under-qualified, and their previous stances on monetary policy reveal a willingness to say whatever's politically expedient for Republicans at that particular moment.

But the growing controversy over these two nominations emphasizes a much deeper problem: In recent years, the Fed has been increasingly understaffed. This means that Trump may have the opportunity to completely remake the Fed in his image.

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Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.