Christopher Waller

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Chris Waller
Christopher J. Waller.jpg
Waller in 2020
Member of the Federal Reserve Board of Governors
Assumed office
December 18, 2020
PresidentDonald Trump
Joe Biden
Preceded bySarah Bloom Raskin
Personal details
Born1959 (age 62–63)
Political partyRepublican
EducationBemidji 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[edit]

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

Career[edit]

Waller (right) sworn in virtually as a member of the Federal Reserve Board of Governors by Chair Jerome Powell in December 2020. Waller was sworn in virtually due to precautions for the COVID-19 pandemic.

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 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.[4][5]

Waller joined the Federal Reserve Bank of St. Louis as research director in 2009.[5] 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.[6][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.[1][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.[2]

Views[edit]

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.[5] 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[edit]

References[edit]

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