President Donald Trump's choice of Kevin Warsh to lead the Federal Reserve is drawing criticism from Democrats, but strong praise from Heritage Foundation chief economist E.J. Antoni, who told Newsmax that Warsh's most important qualification is a track record of being "right. Consistently."
Warsh's resume is "quite impressive," Antoni said on Newsmax's "Sunday Report," pointing to his academic background and experience at the central bank, including that he was "the youngest governor of the Federal Reserve" after being appointed by former President George W. Bush.
Antoni said credentials alone are not the reason he believes Warsh should get the job.
"The most impressive thing about him isn't even something like where he went to school, but it's the fact that he's right. Consistently," Antoni said.
Antoni pointed to Warsh's role during the global financial crisis, saying Warsh made what Antoni called the correct recommendations on interest rates and how the Fed should handle its balance sheet, advice he said the rest of the board did not follow.
"One of his shining moments was actually back in the global financial crisis, the mortgage meltdown, when he was a member of the board of governors of the Federal Reserve," Antoni said.
Warsh "made the right call on what the Fed should be doing with interest rates, what the fed should be doing with its balance sheet,” said Antoni.
However, "instead of the rest of the members of the board listening to him, they completely ignored him," he added.
Antoni said Warsh is now pressing similar policy changes, as he believes the Fed should be "lowering interest rates and reducing the balance sheet."
Antoni said the Fed is again dismissing that advice, but he expects Warsh will be able to put those ideas into action if confirmed.
"I am a firm believer that he once again is correct, and I cannot wait until he is confirmed and on the board and can actually implement these policies," Antoni said.
The nomination is drawing pushback from the left, including Sen. Elizabeth Warren, D-Mass., who accused Trump of trying to turn the Fed into a political weapon and claimed a Trump-backed chairman could let the president use the central bank to reward allies and punish opponents.
Antoni dismissed Warren's warning and suggested Democrats would have attacked any Trump pick.
"Well, I don't know why anyone would listen to, let alone believe, Elizabeth Warren," Antoni said.
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