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Cain's possible Fed nomination in peril as Republican opposition mounts

14 April 2019

President Trump had announced his plan to nominate Cain, but that decision was met with criticism that the nomination was politically motivated due to Cain's support of Trump's 2016 presidential campaign and administration.

Mr Trump's party holds a 53-47 majority in the Senate, and can afford only three defections if all Democrats vote in opposition to a nominee.

Asked about the controversy over the usually staid Fed, including statements by Cain and Moore in mainstream and social media, St. Louis Federal Reserve bank President James Bullard said the institution tends to "convert" people pretty quickly to its technocratic methods. 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 past year to raise interest rates and Trump has blamed this for slowing economic growth. As recently as Wednesday, Trump told reporters that Cain was "a friend" and "a wonderful guy". Neither nomination has been formally sent to the Senate. Cain said in a video posted on Facebook (NASDAQ:) on Friday that he faced a "cumbersome" vetting process for the Fed seat, suggesting he may be considering withdrawing. "Herman is a great guy and I hope he does well".

The Fed has always been subject to politics, said Neil Irwin at The New York Times - after all, the president appoints its board of governors. The chairman told the lawmakers that interest rates are at about the right level given current economic conditions and that the benefits of US economic growth haven't been as widely spread as the Fed would like.

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Central bank "capture" by national leaders has been blamed for a variety of economic ills, from hyperinflation to runaway debt used to finance projects in hopes of winning reelection. The nominations must be approved by the Senate.

Those rate hikes that was criticized his team and by Trump. Another 12 members of the Federal Open Market Committee, which sets interest rates, head regional banks and are chosen by local boards of directors, not the president.

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Cain's possible Fed nomination in peril as Republican opposition mounts