I have warned several times here at EPJ that Marvin Goodfriend is a very dangerous person to end up on the Federal Reserve Board. See: Last Chance to Stop a Very Dangerous Economist From Getting Senate Banking Committee Approval and Let the Senate Banking Committee Hearing Know About "Prof. Negative Interest Rates".
Now comes word that Senator Rand Paul will oppose his nomination.
Sen. Paul told reporters this morning that he would vote against Goodfriend's nomination to be a Fed governor, citing the economist's unconventional monetary policy proposals.
Rand's opposition means Goodfriend must receive unanimous support from the 50 other Senate Republicans to be confirmed, including Sen. John McCain, who has missed Senate votes while he recovers from treatment for brain cancer at home in Arizona.
And a spokesman for Sen. Mike Lee told The Hill that the conservative senator was "undecided" on Goodfriend's nomination.
This has to be ranked as one of Senator Paul's most heroic positions. Goodfriend on the Fed board would be a voice for negative interest rates. His nomination needs to be stopped and Rand has taken an important step toward stopping it.
-RW
(ht Jay Stephenson)
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