Wednesday, 26 June, 2019

Mum on Senate support for Herman Cain for Fed

No path for Trump's Federal Reserve pick Cain as four Republicans oppose McConnell won't say if Senate would back Herman Cain for Fed
Russell Knight | 14 April, 2019, 20:10

Four senators from USA president Donald Trump's Republican party have said they would vote against one of his potential nominees for the Federal Reserve Board, Herman Cain.

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.

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.

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.

"When I saw Trump's tweet, the feeling I had is that it increases the odds the Fed tightens this week to assert their independence", said Carl Tannenbaum, chief economist at Northern Trust and a former Fed economist.

President Donald Trump announced last week his intention to nominate Cain, a political ally and former 2012 Republican presidential front runner.

Trump has repeatedly criticized the Fed's rate increases previous year, and has reportedly even discussed firing Fed Chairman Jerome Powell months ago.

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The president nominates members to the Fed's seven-member board of governors. Both Fed choices have been met with "heavy public scrutiny", said Paul Kiernan, also at the Journal.

Earlier in the day, New York Representative Hakeem Jeffries, a member of the Democratic House leadership, said that there's "general concern" in the party about whether Trump understands the need for Fed the independence and whether president is trying to pressure the central bank for lower interest rates ahead of the 2020 election.

At the time, Cain said the allegations were false but acknowledged that he'd "made mistakes" in his life.

White House economic adviser Larry Kudlow said earlier on Thursday that Trump intends to proceed with his plan to name Cain to the Fed's board of governors.

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.

Neither Moore nor Cain have been formally nominated by Trump.

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