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White House's Kudlow voices support for Fed's Powell, Herman Cain nomination
14 April 2019, 08:11 | Hattie Nash
No path for Trump's Federal Reserve pick Cain as four Republicans oppose
Powell was Trump's choice to lead the Fed, but the president has been critical of him for raising interest rates. Powell was easily confirmed by the Senate, but Trump has told aides he regrets appointing Powell to the job because the Fed took several steps a year ago to raise interest rates and Trump has blamed this for slowing economic growth.
Faced with the prospect of attempting to confirm two absurdly unqualified cranks for esteemed Fed positions, the conservative movement has undertaken a triage operation, focusing its defenses on Moore and leaving Cain to twist in the wind.
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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Still, the Fed is anxious about the economy overheating and says small, gradual interest rate increases are the best way to tap the brakes a bit to ensure inflation doesn't rise too quickly and bubbles don't form.
Herman Cain is expected to withdraw his name from consideration for the Federal Reserve's Board of Governors, amid growing pressure from Republican senators on the White House to remove him from consideration, according to multiple sources familiar with the matter. "We'd have a standard on which to base our money", Trump said back in 2016. Moore and Cain would likely be similarly beholden to Trump. "Growth does not cause inflation", he said.
The other is Stephen Moore, 59, a controversial economist and former Trump campaign adviser. We've seen how a responsible Fed board should behave, and it sets the standard the U.S. Senate should expect before approving a nominee: At the height of the financial meltdown in 2008, then-chairman Ben Bernanke made the case to President Bush for a necessary but deeply unpopular bank bailout.
Trump has slammed the central bank's rate hikes in 2018 as thwarting economic growth and has publicly pressed policymakers to change course.
"He's a fine person", Kudlow said of Powell. "That doesn't mean we can't express our opinions periodically".
Mr Trump has had tense relations with the nation's central bank for months, as he urges a lowering of interest rates and taps unconventional loyalists like Mr Cain to fill empty seats on the Fed Reserve board.
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