Herman Cain expected to withdraw from Fed Reserve Board of Governors consideration


President Donald Trump on Monday urged the Federal Reserve not to raise interest rates, but Fed officials are widely expected to do so this week despite the president's ongoing public effort to dissuade the US central bank from putting any brakes on the economy.

Axios quoted two senior administration officials as saying Trump wants to nominate Cain however would like to await his background check.

Three GOP senators - Utah's Mitt Romney, Alaska's Lisa Murkowski and North Dakota's Kevin Cramer - told The Associated Press they'd likely vote against Cain. Much has been made of the fact that Cain and Moore don't have Ph.D.s in economics, said Justin Fox at Bloomberg.

White House economic adviser Larry Kudlow said on Thursday that he has confidence in Federal Reserve Chairman Jerome Powell and believes he will turn into a good central bank chairman.

Powell briefed House Democrats in a closed-door session at their annual retreat on Thursday evening but declined to comment on Trump's candidates for the Fed, lawmakers said afterwards.

The nomination of moore has struck criticism that he is unqualified and politically focused to get a Fed board chair. The Fed also said it intends to end the runoff of its balance sheet at the end of September.

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As escalating an attempt from the White House to apply pressure over the central bank trump's decisions were seen. Trump himself has taken a nontraditional approach to the Fed, repeatedly accusing it of mismanaging the economy by not pushing hard enough for low interest rates.

Trump initially called Cain "a very terrific man" who would "do very well there". Last week he tweeted his intention to name the former presidential hopeful, who heads a political action committee supporting Trump's agenda.

Cain served in a variety of Federal Reserve roles in Kansas City between 1989 and 1996.

He has also said he changed his mind about the gold standard and advocated tying Fed policy to a commodity index, which he said former Chairman Paul Volcker used to tame inflation.

A former CEO of Godfather's Pizza, cain, ran for the 2012 Republican presidential nomination but dropped out after allegations of sexual harassment and adultery. The real problem here is that Moore and Cain are "transparently partisan" hacks.