Christopher Waller Explained

Chris Waller
Office:Member of the Federal Reserve Board of Governors
President:Donald Trump
Joe Biden
Term Start:December 18, 2020
Predecessor:Sarah Bloom Raskin
Party:Republican
Education:Bemidji State University (BS)
Washington State University, Pullman (MA, PhD)

Christopher J. Waller is an American economist who is a member of the Federal Reserve Board of Governors since 2020. A nominee of then-President Donald Trump, he was confirmed by the Senate in December 2020, to serve through January 2030.[1] [2]

He was previously the research director of and an executive vice president at the Federal Reserve Bank of St. Louis. Waller's research has centered on monetary theory, political economy, and macroeconomic theory.[3]

Early life and education

Waller received a B.S. in economics from Bemidji State University in 1981, and an M.A. and Ph.D. from Washington State University in 1984 and 1985.[4]

Career

Waller worked at the Indiana University's Department of Economics from 1985 to 1998, where he was an associate professor, assistant professor and director of graduate studies. He was a visiting scholar at the Federal Reserve Bank of St. Louis and Washington University in St. Louis from 1994 to 1995. He taught economics at the University of Kentucky from 1998 to 2003 and was also a research fellow at the Center for European Integration Studies at the University of Bonn, in Germany. He was a chair of economics at the University of Notre Dame through 2009.[5]

Waller joined the Federal Reserve Bank of St. Louis as research director in 2009. He was also executive vice president there.[6]

In July 2019, President Donald Trump tweeted his intent to nominate Waller and Judy Shelton to serve on the Federal Reserve Board of Governors.[7] [8] [9] [10]

After hearings in February 2020, the Senate Banking Committee voted 18–7 in July 2020 to advance Waller's Fed nomination.[11] He was confirmed in the Senate on December 3, 2020, by a vote of 48–47.[12] [13] [14] He took the oath of office remotely via videoconference on December 18[15] from Fed Chair Jerome Powell.[16] [17] His term ends January 31, 2030.

Views

Waller is known to be a monetary policy "dove", favoring expansionary policy and low interest rates.[18] He has worked closely with the St. Louis Federal Reserve bank's president, James B. Bullard, who was a vocal supporter of lower interest rates in 2019. Waller has argued that the Fed should not raise rates at that time (in 2019), when inflation was low and private savings were high.[19] [20]

Waller's research has centered on monetary theory, political economy and macroeconomic theory.[21]

See also

Notes and References

  1. News: Siegel. Rachel. 3 December 2020. Senate confirms Christopher Waller to the Fed board as Judy Shelton's path narrows. Washington Post. 3 December 2020.
  2. Web site: Christopher J. Waller sworn in as a member of the Board of Governors of the Federal Reserve System. 18 December 2020. federalreserve.gov. Federal Reserve.
  3. Web site: Edwards. Greg. January 17, 2020. Who is Trump nominee Chris Waller of the St. Louis Fed?. 2020-11-17. www.bizjournals.com.
  4. Web site: Executive Bios Christoper Waller. 2020-11-16. www.stlouisfed.org.
  5. Web site: Newburger. Emma. 2019-07-02. Trump to nominate Judy Shelton, Christopher Waller to the Federal Reserve. 2019-07-04. CNBC. en.
  6. News: Smialek. Jeanna. 2019-07-02. Trump Taps Two Fed Nominees, One Conventional, the Other Not. en-US. The New York Times. 2019-07-03. 0362-4331.
  7. Web site: Guida. Victoria. Trump taps 2 for Fed board, risking new clash with Congress. 2019-07-03. POLITICO. July 2, 2019 . en.
  8. Web site: Harrison. Paul Kiernan and David. Christopher Waller, Judy Shelton Are Trump's Latest Picks for Fed Board. 2019-07-03. WSJ. en-US.
  9. News: Long. Heather. 2019-11-21. Trump's Fed nominee Judy Shelton recently questioned the need for an independent central bank. 2019-12-28. Washington Post. en.
  10. Web site: January 28, 2020. PN1423 — Christopher Waller — Federal Reserve System. March 6, 2020. Library of Congress.
  11. News: Kiernan. Paul. 2020-07-21. Trump Fed Nominees Shelton, Waller Confirmed by Senate Committee. en-US. Wall Street Journal. 2020-11-18. 0099-9660.
  12. News: Chaney. Nick Timiraos and Sarah. 2020-02-14. Path to Confirmation Dims for Fed Nominee After Republican Objections. en-US. Wall Street Journal. 2020-02-22. 0099-9660.
  13. Web site: With two Republicans absent, Senate lacks votes to advance Fed nominee. 2020-11-18. Roll Call. November 17, 2020 . en.
  14. Web site: Brown. Courtenay. Senate blocks Trump Fed pick Judy Shelton's confirmation. 2020-11-18. Axios. en.
  15. Web site: Waller sworn in as Federal Reserve Board governor . December 18, 2020 . . December 19, 2020.
  16. Web site: Christopher J. Waller sworn in as a member of the Board of Governors of the Federal Reserve System . . federalreserve.gov . 18 December 2020.
  17. Web site: Christopher J. Waller . . federalreserve.gov . 18 December 2020.
  18. Web site: Trump's latest Fed choices are a longtime monetary dove and a onetime gold bug. Miller. Josh Wingrove, Rich. Los Angeles Times. July 3, 2019 . 2019-07-04.
  19. News: St. Louis Fed's Waller Joins Bullard in a Dovish Duo at the Fed. 2019-07-03. 2019-07-04. en.
  20. Web site: Two Fed nominees likely to support Trump push for easier rate policy. American Banker. July 3, 2019 . en. 2019-07-04.
  21. Web site: Edwards. Greg. January 17, 2020. Who is Trump nominee Chris Waller of the St. Louis Fed?. 2020-11-17. www.bizjournals.com.

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