Marvin Goodfriend was nominated by President Trump to a seat on the Federal Reserve’s Board of Governors in November 2017. Within months, the Senate’s Banking Committee held hearings that were devastating to his nomination. And though that committee would formally approve and forward it to the full Senate, it did so on a razor-thin 13 to 12 vote which left the former professor and Federal Reserve Economist no margin to overcome what had been uncovered during those examinations.
Senator Elizabeth Warren, for example, hit Goodfriend with his own words time and again. “These wrong predictions are not outliers for you,” she said. Sherrod Brown, the panel’s top Dem, leveled another charge which came to symbolize, for many, the gist of those proceedings.
“We can't take a chance on someone with a decades-long record of prioritizing hypothetical inflation over real people losing their jobs.”
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