Share

Trump: It's Up to Herman Cain To Move Ahead with Fed Nomination

Share

President Donald Trump said Wednesday that former GOP presidential candidate Herman Cain is a “wonderful man,” but it will be up to him to decide whether to go forward with a nomination to the Federal Reserve’s seven-member board.

Asked by reporters if the nomination was safe, Trump said he did not know how Cain is faring in the vetting process.

Cain “will make that determination” whether to continue.

He will need to be confirmed by the Senate.

Trump’s comments come one day after Senate Republican leader Mitch McConnell dodged a question on whether he would support Cain and conservative commentator Stephen Moore, who Trump is also considering for a Fed board seat.

McConnell said, “Well, we’re going to look at whoever he sends up, and once he does, we’ll take a look at it.”

Republicans and Democrats have raised questions about whether Trump’s choices of both Cain and Moore, two political allies, would elevate concerns about the political independence of the Fed.

Trump has already broken the norms set by recent presidents who have avoided commenting on the Fed’s performance.

Since last fall, Trump has repeatedly criticized his handpicked chairman, Jerome Powell, and other Fed officials for raising interest rates four times last year.

Do you think Herman Cain should move forward with a nomination?

Those rate hikes hurt the stock market and were unnecessary because there was no inflation threat, Trump says.

The White House has not formally nominated either Cain or Moore.

However, Trump has said he intends to nominate both men once the White House background checks are completed.

Asked about Cain’s nomination in light of concerns raised by some Senate Republicans, Trump said, “I like Herman Cain. And Herman will make that determination. Herman is a wonderful man. He’s been a good supporter of mine for a long time.”

The Fed’s seven-member board has two empty seats.

Related:
Former New York Governor Assaulted by Group on Manhattan Street

Trump’s previous picks were viewed as mainstream economists or bankers.

His selections of Cain and Powell have been seen as an effort by Trump to put a more partisan stamp on Fed policies.

The Western Journal has reviewed this Associated Press story and may have altered it prior to publication to ensure that it meets our editorial standards.

Truth and Accuracy

Submit a Correction →



We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
, , , , , , , , , , , ,
Share
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands. Photo credit: @AP on Twitter
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
Location
New York City




Advertise with The Western Journal and reach millions of highly engaged readers, while supporting our work. Advertise Today.

Conversation