Cain may not be able to pass US Senate hearings

Apr 15, 2019, 01:23
Cain may not be able to pass US Senate hearings

During his first 18 months in office, Trump relied on Treasury Secretary Steven Mnuchin and other economic advisers to pick Fed nominees, but he has wrested control of the process in recent months after blaming Mnuchin for steering him toward Jerome Powell as Fed chairman.

Former Dallas Fed advisor Danielle DiMartino Booth, AGF chief US policy strategist Greg Valliere and Jim Lacamp, senior VP of investment at UBS, on President Trump nominating Herman Cain and Stephen Moore to the Federal Reserve's board of governors.

Elected officials and interest groups on both sides of the political aisle voiced support for Powell, and for the need to keep the Fed at arms length from the influence of politicians in its interest rate decisions.

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

"Herman is, you know, he's already sat on one of the Fed Boards", Trump said Tuesday.

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The White House declined to comment, but Axios and the Wall Street Journal noted that Cain is being contemplated. Kevin Cramer, R. -N.D., that he opposed Cain, citing past charges of sexual harassment that resulted in Cain's withdrawl from the 2012 Republican presidential race.

The former CEO of Godfather's Pizza, who turned the company into a top pizza franchise, is an ardent supporter of the president, launching a pro-Trump super PAC, America Fighting Back PAC in 2018.

"President Donald Trump is calling on the Federal Reserve to start cutting interest rates, saying the economy will take off as a" rocketship" when the Fed begins loosening policy.

Asked about the controversy over the usually staid Fed, including statements by Cain and Moore in mainstream and social media, St. Louis Federal Reserve bank President James Bullard said the institution tends to "convert" people pretty quickly to its technocratic methods.

"CNN" s Erin Burnett caught Stephen Moore, recently picked by President Donald Trump to join the Federal Reserve, in a whopper of a lie Thursday night when she pressed him on his past advocacy for the gold standard.

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"I think having someone with business experience on the Fed would be a real breath of fresh air", Moore said. "It's about who I think should be on the board", the senator explained.

Trump has not formally nominated Cain or Moore.

Jeffries, chairman of the House Democratic Caucus and a possible eventual successor to Pelosi, derided Trump's choice of Moore and Cain.

More likely than not, though, Cain's proto-nomination is toast; there are late-breaking reports that he will withdraw his candidacy for the post, relieving the president of the responsibility for pulling the plug.

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