President Donald Trump on Monday urged the Federal Reserve not to raise interest rates, but Fed officials are widely expected to do so this week despite the president's ongoing public effort to dissuade the US central bank from putting any brakes on the economy.
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.
Cain has been a public advocate of many of Trump's policies, as has Stephen Moore, another person Trump has said he wants to nominate.
Fed Chairman Jerome Powell reiterated the importance of the Fed's independence during a talk Thursday evening with House Democrats meeting in Virginia for their annual issues retreat, according to a source in the room unauthorized to discuss the private session.
She then played three clips of Moore publicly advocating for the gold standard, including one from December 2016 after Trump's election. Senate Majority Leader Mitch McConnell on Thursday withheld comment on whether he would support Cain, saying he will wait to see "who is actually nominated".
The nomination of moore has struck criticism that he is unqualified and politically focused to get a Fed board chair.
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.
Moore, and fellow Trump nominee Herman Cain, a former restaurant chain executive, are battling for the two vacant seats on the Fed's Board of Governors, positions that would give them a say for years on interest-rate policy and bank regulation. But he said earlier this week that he didn't know how Cain was faring in the vetting process and that Cain "will make that determination" whether to continue.
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.
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. Cain's bid for president in 2012 was derailed by accusations of sexual harassment that he has repeatedly denied. The real problem here is that Moore and Cain are "transparently partisan" hacks.
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