Usually when someone is being considered for a job on the board of The Federal Reserve, they are an economist of note held in high regard by their peers. But we aren't living in the realm of "Usually" anymore, so David Malpass is getting a look.
In addition to Trump’s deliberations on Fed chair, he is considering appointing Treasury Department official David Malpass to a governor’s seat on the Fed board, one person said. Malpass, an economist, was an economic adviser to Trump during his campaign and currently serves as Treasury undersecretary for international affairs.
Ah, David Malpass; the man who was so wrong about the mortgage crisis that he told everyone to just relax...in August 2007. The man who helped lead Bear Stearns to the glory of utter failure as their chief economist. The same man who couldn't even get ahead of famed wing-nut Peter Navarro in the Trump White House economic power structure.
It stands to reason this will happen if for no other reason that very few respected economists want anything to do with this administration and that Malpass switching gigs provides Steve Mnuchin with another excuse to keep the Treasury Department as under-staffed as possible.
Make room on the "Wacky Fed Governor" bench, Neel Kashkari, you're about to have company.