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Washington

Uncertainty surrounds Marvin Goodfriend’s Fed board nomination

Marvin Goodfriend

Marvin Goodfriend's nomination to serve on the Federal Reserve Board of Governors is in a state of limbo.

The Trump administration is still considering whether to renominate Mr. Goodfriend to the board. Mr. Goodfriend was initially nominated in 2017. His nomination narrowly passed the Senate Banking Committee following a 13-12 party-line vote in February, but it was never considered by the full Senate.

Because a new Congress was seated earlier this month, President Donald Trump would have to renominate Mr. Goodfriend to the post. Although Mr. Trump has nominated and renominated dozens of people to positions across the federal government this month, Mr. Goodfriend's name has not been among them.

Mr. Goodfriend is the Friends of Allan Meltzer Professor of Economics at Carnegie Mellon University's Tepper School of Business. He also serves on the Fed's Shadow Open Market Committee.

His past experience with the Federal Reserve includes director of research at the Federal Reserve Bank of Richmond from 1993 until 2005, and visiting economist at the Federal Reserve Board. He was a senior staff economist for President Ronald Reagan's Council of Economic Advisers, and has advised several European central banks and the Bank of Japan.

On Jan. 7, Nellie Liang withdrew her nomination for a seat on the Fed board, citing "the likelihood of a prolonged process could have left me in professional limbo for too long."

The White House is searching for another nominee in Ms. Liang's stead.

There are still two vacancies on the seven-member Fed board. Most recently, the Senate confirmed Michelle Bowman in November to serve the remainder of a term that expires in January 2020.

— Bloomberg contributed to this story.