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McConnell mum on Cain for Fed

15 April 2019
McConnell mum on Cain for Fed

On Thursday evening, ABC News reported that Herman Cain is expected to withdraw from consideration to be nominated to the Federal Reserve Board of Governors.

Economists and other critics have expressed concerns about Moore, a conservative economic commentator, and another Trump loyalist nomination to the Fed's Board of Governors, serving on the traditionally nonpartisan central bank. "As to how he's doing in the process, that I don't know".

Powell's appearance Thursday night at a Democratic retreat in Leesburg, Virginia, came as numerous lawmakers gathered there have raised alarms about the Fed's independence in the face of President Donald Trump's frequent criticisms of the central bank. Another source in the room confirmed the remarks.

In recent months, Trump has lashed out at the Fed and its leaders, calling the central bank "loco" and "out of control" and saying he is "not even a little bit happy" with Powell, whom Trump appointed to the top job just over a year ago after he decided not to reappoint former Fed chair Janet Yellen, who is known to be cautious about rate hikes.

National Economic Council Director Larry Kudlow said Thursday morning that the Federal Bureau of Investigation was conducting a background check on Cain and that he was still the White House's pick, "at the moment". If the president wants to appoint hacks to run the Fed, nothing in the law stops him.

Even without having yet been formally nominated, Cain drew criticism from GOP senators.

Warren, a Democrat who is running to challenge Trump in the 2020 election, said Moore had "a long history of making wildly inaccurate claims about economic policy that appear to serve political ends". Much has been made of the fact that Cain and Moore don't have Ph.D.s in economics, said Justin Fox at Bloomberg.

President Donald Trump is unhappy that the U.S. Federal Reserve under the chairman he chose, Jerome Powell, raised interest rates.

"I like Herman Cain", Trump told reporters on Wednesday.

Trump initially called Cain "a very terrific man" who would "do very well there".

It's possible this speculation is all wrong and that Trump will go to the mat for the former Godfather's Pizza executive, who had an active career as a right-wing talk-radio gabber in Atlanta before he went national with a 2012 presidential campaign. Cramer, and other lawmakers, have cited allegations of sexual harassment that derailed Cain's 2012 presidential candidacy. Last year, in September, he helped found a pro-Trump super political action committee, America Fighting Back PAC, whose website says, "We must protect Donald Trump and his agenda from impeachment".