McConnell won't say if Senate would back Herman Cain for Fed

McConnell won't say if Senate would back Herman Cain for Fed

Asked if a Cain nomination would face problems, McConnell, R-Ky., noted that successful nominees must pass background checks and have a likelihood of confirmation. Republicans control 53 votes in the 100-seat Senate, and losing the support of four members means Cain would need help from Democrats, which appears unlikely.

"When I saw Trump's tweet, the feeling I had is that it increases the odds the Fed tightens this week to assert their independence", said Carl Tannenbaum, chief economist at Northern Trust and a former Fed economist.

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.

Trump has repeatedly criticized the Fed's rate increases previous year, and has reportedly even discussed firing Fed Chairman Jerome Powell months ago.

Larry Kudlow, White House economic council director, told ABC News that the president is sticking by his plans for now. One of the four, Mitt Romney, said "the president would be wise to nominate someone who is less partisan and more experienced in the world of economics".

Lacamp said it is not surprising to him that the president "would try to put his stamp" on the central bank by bringing two guys from non-academia and who are likely to vote to lower interest rates onto the Federal Reserve Board.

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The White House offered no fresh comment Thursday about Trump's intentions, referring reporters to his earlier comments about Cain.

At the time, Cain said the allegations were false but acknowledged that he'd "made mistakes" in his life. Last year, in September, he helped found a pro-Trump super political action committee, America Fighting Back PAC, whose website says, "We must protect Donald Trump and his agenda from impeachment".

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.

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.

Cain ran for president in the 2012 Republican primary, but lost momentum amid accusations of sexual harassment, among other things.

Moore is a conservative commentator and another Trump political ally.

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