Previously a member of the editorial board at The Wall Street Journal, Moore is the distinguished visiting fellow for Project for Economic Growth at The Heritage Foundation, according to the website for the conservative think tank. Moore was an adviser to Trump during his presidential campaign and founded Club for Growth, a conservative advocacy organization.
"I have known Steve for a long time -- and have no doubt he will be an outstanding choice!" Trump said on Twitter.
In a tweet of his own, Moore thanked Trump "for the opportunity to serve & for your zealous commitment to freeing the American economic engine from government overreach & oppressive taxation!"
"Their crackerjack logic for doing so is to steer America on a course toward recession so they have the tools in hand to end the recession that they themselves created," Moore wrote in the piece, titled "Fire the Fed." Moore also called Fed Chairman Jerome Powell "entirely tone-deaf to the financial markets he seeks to protect."
Trump has shared Moore's frustration as the Fed raised interest rates in the past year. The president called the Fed his "biggest threat" in an interview with Fox Business Network last October.