Friday, May 17, 2019

White House Considering Former Lyft Ride-Hailing General Manager for Federal Reserve Board

Derek Kan
The White House is considering Derek Kan, an undersecretary at the Department of Transportation, for one of two open seats on the Federal Reserve Board, Bloomberg is reporting.

There appears to be zero in terms of a paper track record with regard to his views on monetary policy. And there is nothing in his background, other than a stint at the London School of Economics, that suggests he has even thought about monetary policy.

Kan is a senior adviser to Transportation Secretary Elaine Chao since 2017 and has served on the board of directors for Amtrak after being nominated by former President Barack Obama in 2015, and was previously general manager at ride-hailing company Lyft Inc.

Kan earned an MBA from Stanford University and studied economic history at the London School of Economics.

According to Bloomberg, he has not been interviewed by the White House for the job but has had informal conversations with members of National Economic Council Director Larry Kudlow’s team.

One of his longest job stints was his two years at Lyft. A ride-hailing guy at the Fed, what could possibly go wrong?


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