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TSC approves former White House economist as new MPC member

The Treasury select committee has approved the appointment of a former economic adviser to George W. Bush to the Monetary Policy Committee.

Kristen Forbes has worked at the MIT-Sloane School of Management since 1998 and is currently a professor of management and global economics.

She is a former banker with Morgan Stanley, World Bank researcher and was a member of the White House’s council of economic advisers between 2003 and 2005. 

In a pre-appointment hearing for Forbes yesterday, committee members raised concerns because she has never worked in the UK and does not have extensive direct experience of monetary policy.

The committee gave Forbes their approval in a report published this afternoon. She will replace Ben Broadbent, who will take up the post of deputy governor for monetary policy at the end of the month.

TSC chair Andre Tyrie says: ”We are satisfied that Prof Forbes has the professional competence and personal independence to be an external member of the Monetary Policy Committee. We welcome her commitment to moving to the UK. We welcome too the fresh perspective her experience should bring to the MPC. We are appreciative of the evidence she gave of previous independence of mind.

“We will expect her to express her independent views publicly. We wish her every success in her new role.”

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