Monday, April 1, 2019

Trump's nominee to Fed appears to have money management issues

If you want to screw up the nation’s banking system, why not appoint a guy who, apparently and allegedly, has trouble managing money. Here’s the short story from 538’s significant digits email with citations to original reports.

More than $300,000
Last week, there was the news that Stephen Moore, the author of “Trumponomics” and President Trump’s nominee for a seat on the Federal Reserve Board, was being pursued by the IRS for more than $75,000 in back taxes from 2014. (Moore has said that it’s not true that he owes the IRS that amount.) And, according to records obtained by The Guardian, Moore was held in contempt of court in 2012 for failing to pay more than $300,000 in spousal support, child support and other money owed to his ex-wife in their divorce settlement. (Moore declined to comment on the report to the news outlet.) [The Guardian]

We all may be mourning if Moore gets the job.

FYI
The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System. (Wiki)

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