Trumps Latest Pick for the Fed Is No Fan of Paper Money

December 8, 2017

Economist Marvin Goodfriend doesn’t like the green paper rectangles in your wallet, which are formally known as “Federal Reserve notes.” His opinion matters, because President Trump has nominated him to the Board of Governors of the Federal Reserve. If confirmed by the Senate to a 14-year term, Goodfriend may take the opportunity to pursue his academic interest in abolishing—or at least demoting—paper money. Goodfriend’s dislike for cash could become an issue in…

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