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November 30, 2017

Trump nominates former Fed economist to Fed Board

President Donald Trump nominated Marvin Goodfriend to the Federal Reserve's Board of Governors Wednesday. Goodfriend is a former Fed economist and currently a professor at Carnegie Mellon University.

Four of the board's seven spots are now filled, though current Fed Chair Janet Yellen recently submitted her resignation from the board, which will be effective upon the swearing in of the next Fed chair. President Trump has nominated current Fed Gov. Jerome Powell to replace Yellen; he awaits Senate confirmation.

A Wall Street Journal article calls Goodfriend "a widely respected monetary economist" who "would provide academic heft on a board that now has just two economists, including Ms. Yellen." It also notes that Goodfriend has been critical of the Fed's efforts to lower long-term interest rates.

Credit unions often use Federal Reserve services to meet their members' needs. NAFCU recently released its annual Report on Credit Unions, which details these services.

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