Herman Cain reportedly to withdraw name from consideration for Federal Reserve Board

Oscar PerryApr 15, 2019

Four Republican senators say they'll oppose Herman Cain's Federal Reserve board candidacy, essentially sinking the former Republican presidential candidate's chances before he's even been formally nominated.

"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.

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

Moore has said recently he wanted to accommodate Trump's policies, that he feels the president's reelection was necessary for the country's economic success, and wants to do battle with what he calls "growth-phobiacs" at the Fed.

The White House declined to comment, but Axios and the Wall Street Journal noted that Cain is being contemplated.

Cain's bid for the 2012 Republican presidential nomination ended after he was accused of sexual harassment in the 1990s, when he led the National Restaurant Association.

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.

Booth also thinks there is a high risk for Trump in nominating Cain versus Moore, even though both candidates share the president's view on lowering interest rates.

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

On Facebook earlier this week, Cain said the reason he was under attack as a nominee was because he is a conservative. "You go through the process, but Herman's a great guy and I hope he does well".

"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. I know him. I know his philosophy, I know his economic positions, I know his credentials, I know his heart, and I think he'd be a good addition to the Fed.

On Thursday, White House economist Kevin Hassett praised Cain.

"I don't think we have a nomination", McConnell said in an interview when asked about Cain.

A number of Democrats have criticized Cain's qualifications more generally, and Senate Minority Leader Chuck Schumer said he didn't know of any lawmaker in his party who would vote to confirm Cain.

"Even if Stephen Moore does get confirmed, he would be one of 12 governors". President Trump had announced his plan to nominate Cain, but that decision was met with criticism that the nomination was politically motivated due to Cain's support of Trump's 2016 presidential campaign and administration.

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