Saturday, 20 July, 2019


Herman Cain expected to withdraw from Fed Reserve Board of Governors consideration

Herman Cain expected to withdraw from Fed Reserve Board of Governors consideration Herman Cain expected to withdraw from Fed Reserve Board of Governors consideration
Conrad Doyle | 14 April, 2019, 20:09

In March, the Fed left interest rates unchanged after concluding a two-day policy meeting, and again pledged to be patient with future rate hikes.

"The Fed is an independent agency", she said.

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.

The Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 27, 2019.

Axios quoted two senior administration officials as saying Trump wants to nominate Cain however would like to await his background check.

Economists and critics have expressed concerns about loyalists of Republican Trump serving on the traditionally nonpartisan central bank.

"When Powell was first appointed, he might have gotten a chilly reception from our caucus" because he was elevated to Fed chair by Trump, Sherman said. Moore and Cain would likely be similarly beholden to Trump. "We also know that moving too slowly - keeping interest rates too low for too long - could risk other distortions in the form of higher inflation or destabilizing financial imbalances", Powell said on November 28.

The president nominates members to the Fed's seven-member board of governors and Trump elevated Powell to chairman a year ago.

In recent days Trump tried to take a slightly softer tone, telling Fed Monday leaders to "Take the victory!" of a solidly growing economy with "virtually no inflation" and not ruin all the good by raising interest rates. 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.

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. "He's not a political person in any way", she said. I think they really slowed us down.

"Yeah", said Moore in 2016.

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