Banking and Finance Law Daily Trump to nominate Goodfriend to Fed, Workman to FSOC
Thursday, November 30, 2017

Trump to nominate Goodfriend to Fed, Workman to FSOC

By Lauren Bikoff, MLS

President Donald J. Trump has announced his intention to nominate Marvin Goodfriend of Pennsylvania as a member of the Federal Reserve System’s Board of Governors. Also, Trump intends to nominate Thomas E. Workman of New York to be a member of the Financial Stability Oversight Council.

Board of Governors. Goodfriend currently is the Friends of Allan Meltzer Professor of Economics at Carnegie Mellon University’s Tepper School of Business. He worked for the Federal Reserve Bank of Richmond from 1978 to 2005, where he was director of research and policy advisor from 1993 to 2005. He is an honorary advisor at the Bank of Japan, served on the Federal Reserve Bank of New York’s Economic Advisory and Monetary Policy Panels, is a member of the Shadow Open Market Committee, and a research associate of the National Bureau of Economic Research. The nomination would place Goodfriend on the Board of Governors for the remainder of a 14-year term expiring on Jan. 1, 2030.

According to House Financial Services Committee Chairman Jeb Hensarling (R-Texas), "Dr. Marvin Goodfriend is a highly respected researcher on monetary- and macro-economics and an impeccable conservative. He understands that consulting monetary policy rules can provide both instructive guidance for the Fed and transparency for the public." He continued, "Dr. Goodfriend also appreciates that credit policy is Congress’s responsibility—not the Fed’s."

The American Bankers Association also applauded Goodfriend’s nomination. "We congratulate Marvin Goodfriend on his nomination," said Rob Nichols, ABA President and CEO. "His substantial background in economics and his prior experience at the Richmond Fed would serve the Board well as the Federal Reserve carries out critical decisions in both monetary and regulatory policy."

FSOC. Workman will be nominated to be a member of the FSOC for a term of six years. Workman served as President and CEO of the Life Insurance Council of New York, Inc. from 1999 to 2016. From 1973 to 1999, Workman practiced law with Bricker & Eckler LLP in Columbus, Ohio. Workman has served on various boards, including the Ohio Farmers Insurance Company, the Federation of Regulatory Counsel, the Insurance Federation of New York, and on the Leadership Council of the Griffith Foundation for Insurance Education.

Companies: American Bankers Association; Bricker & Eckler LLP; Ohio Farmers Insurance Company

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