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Cain may not be able to pass US Senate hearings

14 April 2019

Former Dallas Fed advisor Danielle DiMartino Booth, AGF chief US policy strategist Greg Valliere and Jim Lacamp, senior VP of investment at UBS, on President Trump nominating Herman Cain and Stephen Moore to the Federal Reserve's board of governors.

Three GOP senators - the Lisa Murkowski of Alaska, Utah's Mitt Romney and North Dakota's Kevin Cramer - told The Associated Press they would probably 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.

I was, served as Donald Trump's economic adviser. 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 previous year to raise interest rates and Trump has blamed this for slowing economic growth.

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Fed officials continue to deny that Trump's tweets and criticisms are having any impact on monetary policy.

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

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.

Kudlow said that the president's calls for the Fed to cut interest rates were precautionary movements to make sure various potential dangers did not end up damaging the economy following the Fed raised rates four days.

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Powell's appearance Thursday night at a Democratic retreat in Leesburg, Virginia, came as numerous lawmakers gathered there have raised alarms about the Fed's independence in the face of President Donald Trump's frequent criticisms of the central bank.

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.

He has also said he changed his mind about the gold standard and advocated tying Fed policy to a commodity index, which he said former Chairman Paul Volcker used to tame inflation. There is also concern that Cain's background check will resurrect past sexual harassment and misconduct allegations that surfaced during the 2012 presidential campaign. The real problem here is that Moore and Cain are "transparently partisan" hacks.

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Cain may not be able to pass US Senate hearings