White House's Kudlow voices support for Fed's Powell, Herman Cain nomination

No path for Trump's Federal Reserve pick Cain as four Republicans oppose

A swift defection of at least four Senate Republicans has all-but-doomed the chance of Herman Cain to win a seat on the Federal Reserve's board of governors, serving as one of the most striking rebukes to President Trump's personnel choices since he took office in 2017.

When issues would be faced by a Cain nomination, asked, the Kentucky Republican on Thursday noted the effective nominees have a likelihood of affirmation and must pass background checks.

Sens. Mitt Romney of Utah, Lisa Murkowski of Alaska, Cory Gardner of Colorado and Kevin Cramer of North Dakota all said they would oppose Cain's appointment to the Fed.

The nomination of moore has struck criticism that he is unqualified and politically focused to get a Fed board chair. Pelosi said. "The Fed should be determining the rates, not any politicians, and that is a risky thing for an economy when the central bank of a country has. political influence". Trump has said he will nominate both men.

The other is Stephen Moore, 59, a controversial economist and former Trump campaign adviser.


"We'll see who's actually nominated", said McConnell. On Wednesday, President Trump said the decision to withdraw will belong to Cain.

Cain has run into concerns by lawmakers from both parties that, as a Trump loyalist and deeply conservative political figure, he would threaten the Fed's traditional political independence. The Fed approved four interest rate hikes in 2018, continuing a move toward policy normalization that began in 2015. But he said earlier this week that he didn't know how Cain was faring in the vetting process and that Cain "will make that determination" whether to continue. 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".

That should be a decisive margin against Cain's confirmation.

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. Cain's bid for president in 2012 was derailed by accusations of sexual harassment that he has repeatedly denied.

Neither Moore nor Cain have been formally nominated by Trump.

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