Paul says he will vote no on Goodfriend, imperiling Fed nomination

Sen. Rand Paul (R-Ky.) said Thursday he will vote against Marvin Goodfriend’s bid to become a member of the Federal Reserve board, a move that could sink the nomination on the Senate floor.

Goodfriend, nominated by President Donald Trump, was approved by the Senate Banking Committee in a 13-12 party-line vote, indicating that he is unlikely to receive any Democratic support. With Sen. John McCain (R-Ariz.) out for health reasons, any Republican “no” vote could defeat his nomination.

Paul is an outspoken Fed critic, and his father while in Congress once introduced a bill specifically condemning the economist’s idea for a “carry tax.”

Goodfriend suggested the idea, which would decrease the value of dollar bills depending on how long they’d been outside of a bank, while he worked at the Richmond Fed. During his nomination hearing, he said he would not advocate for the tax if confirmed.

“I don’t know a lot about him, although I think he was the one that wanted to insert [a] metal strip in the currency or something?” Paul told reporters outside the Senate chambers, when asked about Goodfriend. “Doesn’t sound very exciting to me, so I’ll be a no.”

 

 

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