Published: Sun, April 14, 2019
Markets | By Noel Gibbs

Pelosi slams Trump’s Fed picks as ‘totally unsuited, unqualified’

Pelosi slams Trump’s Fed picks as ‘totally unsuited, unqualified’

With four Republican U.S. Senators now announced against the proposed nomination of Herman Cain to be a governor of the Federal Reserve Board, talk on Capitol Hill was growing Thursday evening that the president will soon scrap any plans to formally name the 2012 Republican presidential hopeful and onetime Godfather's Pizza CEO to the Fed.

A potential nomination to the Federal Reserve would require confirmation by the U.S. Senate and this means that the former sexual harassment allegations made against Cain would likely have come up.

Senators Mitt Romney, R-Utah, Lisa Murkowski, R-Alaska, Cory Gardner, R-Colo., and Sen.

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.

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The other is Stephen Moore, 59, a controversial economist and former Trump campaign adviser.

White House economic council director Larry Kudlow said on Thursday that the president was sticking by his decision to nominate Cain "at the moment".

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

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

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"When Powell was first appointed, he might have gotten a chilly reception from our caucus" because he was elevated to Fed chair by Trump, Sherman said.

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.

Pelosi went on to accuse Trump of seeking to undermine the Fed's independent role in setting the nation's monetary policy, responding to a question about public comments from Vice President Pence about how Moore and Cain share Trump's views on keeping interest rates low.

As escalating an attempt from the White House to apply pressure over the central bank trump's decisions were seen. But he said earlier this week that he didn't know how Cain was faring in the vetting process and that Cain "will make that determination" whether to continue.

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Cain, 73, has been a big supporter of Trump and launched a pro-Trump political action committee - America Fighting Back PAC - in 2018.

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