Herman Cain to pull his name from consideration for Fed board

Ann Santiago
April 15, 2019

Earlier Thursday, House Speaker Nancy Pelosi said elevating Cain and Moore to the Fed would risk politicizing the nation's central bank and endangering the economy.

Senator Kevin Cramer became the fourth Republican senator reported to oppose Cain's expected nomination, potentially putting his chances in peril.

"I worry that a perception that somehow politics is gaining a more important role in these decisions will undermine confidence in this nonpartisan institution", said Donald Kohn, a former Fed vice chair who spent more than 30 years at the central bank.

Trump told reporters that it would be Cain's decision for now as to whether his nomination should remain intact.

Senate Majority Leader Mitch McConnell told members during a private lunch on Tuesday to share their concerns with the White House sooner rather than later, before Trump officially nominates Cain.

It's possible this speculation is all wrong and that Trump will go to the mat for the former Godfather's Pizza executive, who had an active career as a right-wing talk-radio gabber in Atlanta before he went national with a 2012 presidential campaign.

Trump in recent days has said he wants to add Cain to the Fed's seven-member board of governors at a time when he has been repeatedly chiding the central bank's leadership for their management of interest rates.

"It's all just sort of a vague memory right now, but it's hard not to hear "Herman Cain" in the context of something like this and not immediately recall some of those challenges", the North Dakota Republican said on Tuesday.

Cain formerly served on the board of the Fed's Kansas City regional bank. "Herman is a great guy and I hope he does well".

"I have 35 years experience in the policy game".

President Donald Trump is unhappy that the U.S. Federal Reserve under the chairman he chose, Jerome Powell, raised interest rates. Citing several sources, the report said Cain was bowing amid growing protests from Senate Republicans who object to his potential nomination.

But he stressed that the White House needs to consider two factors in its nominations: the individual's background check, as well as his or her prospects of getting confirmed in the Senate.

Trump's interest in potentially nominating Cain along with another political ally, conservative commentator Stephen Moore, has sparked questions among lawmakers from both parties in Congress about the president's influence on the central bank.

"I don't think I've ever really said anything much about the gold [standard]", he insisted. Last week he tweeted his intention to name the former presidential hopeful, who heads a political action committee supporting Trump's agenda.

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