Thursday, 25 April, 2019

Cain's possible Fed nomination in peril as Republican opposition mounts

House Speaker Nancy Pelosi speaks in her office at the Capitol in Washington on Wednesday House Speaker Nancy Pelosi speaks in her office at the Capitol in Washington on Wednesday
Priscilla Morrison | 14 April, 2019, 20:11

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. The chairman told the lawmakers that interest rates are at about the right level given current economic conditions and that the benefits of US economic growth haven't been as widely spread as the Fed would like.

If all of the Senate's Democrats and the two independents aligned with them were to vote against Cain, he would fall short of the majority support he needs.

Senators Kevin Cramer, R-N.D., Lisa Murkowski, R-Alaska, Cory Gardner, R-Colo., and Mitt Romney, R-Utah, have already expressed their opposition to Cain's nomination.

Warren cited examples where Moore's economic commentary appeared in conflict with other research or Moore's earlier stances.

Fed officials continue to deny that Trump's tweets and criticisms are having any impact on monetary policy.

Trump in recent days has said he wants to add Cain to the Fed's seven-member board of governors at a time when he has been repeatedly chiding the central bank's leadership for their management of interest rates.

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.

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Lacamp said it is not surprising to him that the president "would try to put his stamp" on the central bank by bringing two guys from non-academia and who are likely to vote to lower interest rates onto the Federal Reserve Board.

As escalating an attempt from the White House to apply pressure over the central bank trump's decisions were seen.

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

Former Dallas Fed Advisor Danielle DiMartino Booth told FOX Business Thursday it would be a black eye for the Republican Party if they were unable to confirm Herman Cain to the Federal Reserve Board.

Cain, 73, has been a big supporter of Trump and launched a pro-Trump political action committee - America Fighting Back PAC - in 2018.

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.

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