Herman Cain reportedly to withdraw name from consideration for Federal Reserve Board

Opposition by 4 Senate Republicans may sink Herman Cain's chance to win seat on Fed

In March, the Fed left interest rates unchanged after concluding a two-day policy meeting, and again pledged to be patient with future rate hikes.

Representative Brad Sherman said Powell emphasized the Fed's independence and also talked about how USA debt and deficits are unsustainable in the long term.

Four Senate Republicans were on record on Thursday as opposing Donald Trump's planned choice of former pizza executive Herman Cain to join the US Federal Reserve, essentially scuppering his confirmation before the president officially nominates him.

At a speaking event, Kudlow also said the White House is sticking by Herman Cain as a candidate for a Federal Reserve Board seat at the moment. President Trump had announced his plan to nominate Cain, but that decision was met with criticism that the nomination was politically motivated due to Cain's support of Trump's 2016 presidential campaign and administration.

Controversy over Cain's possible nomination, as well as that of economic commentator and Trump supporter Stephen Moore, continued on Thursday.

The pressure has led Democrats to raise concerns that the Fed is being politicised.

Pelosi went on to accuse Trump of seeking to undermine the Fed's independent role in setting the nation's monetary policy, responding to a question about public comments from Vice President Pence about how Moore and Cain share Trump's views on keeping interest rates low. "Growth does not cause inflation", he said.

Trump in recent days has said he wants to add Cain to the Fed's seven-member board of governors at a time when he has been repeatedly chiding the central bank's leadership for their management of interest rates.

Trump, who picked Powell as Fed chairman, has criticized the Federal Reserve's rate increases as it tried to gradually move them to a level that neither brakes nor stimulates growth. We've seen how a responsible Fed board should behave, and it sets the standard the U.S. Senate should expect before approving a nominee: At the height of the financial meltdown in 2008, then-chairman Ben Bernanke made the case to President Bush for a necessary but deeply unpopular bank bailout.

"I don't think I've ever really said anything much about the gold [standard]", he insisted.

"Yeah", said Moore in 2016.

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