Criticism mounts of Trump pick for U.S. Federal Reserve

Monday, 15 Apr, 2019

White House economic adviser Larry Kudlow said earlier on Thursday that Trump meant to proceed with his plan to name Cain to the Fed's board of governors.

"Undermining central-bank independence would be unsafe", Tobias Adrian, director of the fund's monetary and capital-markets department, said when asked about Mr Trump's recent criticism of the Fed.

When asked by reporters on Wednesday if Cain's nomination is safe, Trump suggested Cain will decide if he steps aside.

PHOTO: President Donald Trump listens to South Korean President Moon Jae-in speak during a meeting in the Oval Office of the White House, Thursday, April 11, 2019, in Washington.

Senate Republicans have expressed concerns over Cain's support for slashing interest rates and also worry that he would not pass muster with a background check that might force sexual harassment allegations to resurface, according to ABC.

Warren sent a separate letter to Cain, a former Republican presidential candidate, also describing him as unsuitable for the post.

"If I had to vote today, I couldn't vote for Herman Cain", said Cramer, a Trump ally.

Trump has not formally nominated Cain or Moore.

THE International Monetary Fund (IMF) warned of "dangerous" consequences for the USA economy if moves such as President Donald Trump's calls for Federal Reserve interest-rate accommodation lead to monetary policy mistakes.

Cain served as the Chairman of the Federal Reserve Bank of Kansas City's Omaha Branch, from 1989 to 1991 and as the Chairman of the Federal Reserve Bank of Kansas City from 1995 to 1996. "You go through the process, but Herman's a great guy and I hope he does well".

Unemployment remains at an nearly 50-year low and growth is expect to be around 3 percent this year, well above the 2 percent that the Fed thinks is normal for the US economy. The real problem here is that Moore and Cain are "transparently partisan" hacks.

On Thursday, White House economist Kevin Hassett praised Cain. Senate Majority Leader Mitch McConnell withheld comment on Thursday on whether he would support Cain, saying he would wait to see "who is actually nominated".

"Even if Stephen Moore does get confirmed, he would be one of 12 governors".

A number of presidents have appointed campaign advisers or administration officials to the Fed's board of governors, but there isn't recent precedent for someone as politically adversarial as Cain.

"I think my qualifications stand up pretty well", he said. 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".