Two seats remain unfilled on the seven-person Federal Reserve Board of Governors, which is currently led by Chairwoman Janet Yellen. (You can find the list of its five current members here.)
Once nominated by the President and confirmed by the Senate, Fed governors serve 14-year terms (unless they're fulfilling someone else's unfinished term), holding their position through 7 congresses and potentially 3 1/2 presidencies. This, obviously along with the power the governors wield over our country's economy, security, and future, makes their nominations and the subsequent confirmation process one of the most important tasks the executive and the Senate undertake. It should never be a rush job, despite any calls for expedited approval.
We're about to once again get a front row seat to the process, as President Obama announced Tuesday he will nominate Allan Landon, former chief executive of the Bank of Hawaii, to the Fed Board.
The New York Times reports:
As a Fed governor, Mr. Landon would most likely focus on banking and regulatory issues, but he also would have a regular vote on monetary policy.
His views on the Fed’s role in managing the economy are not known, but two people with knowledge of the Obama administration’s selection process said the White House had considered only nominees likely to support the Fed chairwoman, Janet L. Yellen, in her campaign to stimulate the economy.
Assuming the "insider knowledge" is accurate, it's no surprise that the White House is attempting to reinforce the Fed's typical "create-money-now-avoid-questions-later" stance. One hopes we will learn Mr. Landon's actual position fairly quickly into the hearings.
But there is no doubt about the opportunity the Landon nomination affords our Audit the Fed cause. The spotlight will shine brightly on the back-and-forth over his appointment in the Senate, especially with media hungry to capitalize on any drama surrounding presidential clashes with Senate Republicans. It's up to us to ensure that the conversation focuses less on the high school aspect of the politics involved and more on the larger issues at hand, i.e. the Fed's secrecy, its deplorable record, and its lack of accountability. Many more ears than usual will be tuned to the conversation about the Fed, so this will be a prime opportunity to get the word out on why Audit the Fed is needed (and why it's needed right away) and to bring new supporters into the movement.
As he has done for the past two congresses, Senator Rand Paul will lead the way for Audit the Fed in the 114th Congress. With Senator Harry Reid no longer in a position to keep his foot on Audit the Fed's neck, this is our best opportunity ever to see victory for this battle in the Senate. We're confident we can get that win and advance Audit the Fed further than ever before as long as our members help us dial up the necessary pressure on Capitol Hill.
Stay tuned for more information over the coming weeks about the variety of ways you can help Campaign for Liberty make even more history with Audit the Fed!
Tags: Audit the Fed, Landon Nomination