Herman Cain says he faces 'cumbersome' vetting for Fed board seat

Irving Hamilton
April 9, 2019

Top White House officials on Sunday defended U.S. President Donald Trump's plan to name two political loyalists to the Federal Reserve board of governors, brushing aside controversies over their personal lives and qualifications to help run the world's most powerful central bank.

Cain, a candidate for the Republican Party's nomination in the 2012 presidential election, suspended his campaign following allegations of sexual misconduct, which he denied.

"They have to collect an inordinate amount of information on you, your background, your family, your friends, your animals, your pets, for the last 50 years", he said in the video.

Trump on Friday called on the Fed to cut rates, saying that would turn the USA economy into a "rocket ship" - a rate of growth characterized Sunday by Kudlow as 4 percent to 4.5 percent.

President Donald Trump said Thursday he has recommended former Godfather's Pizza CEO and Republican presidential candidate Herman Cain for a Federal Reserve board seat.

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Today's weekly meeting of Cabinet has been cancelled due to Mrs May's travels, with no rescheduled date announced. He told the BBC: "At the moment we're waiting to see what the Government is putting on the table as a proposal".

To make that happen, he urged the Fed to restart its post-financial crisis "quantitative easing" program of buying bonds to add liquidity to the economy.

"We are going through a vetting process in the White House". He has often criticized interest rate hikes by the central bank in the past. On the eve of his 1972 re-election, former president Richard Nixon pressed then Fed chair Arthur Burns to lower interest rates. But the 2012 Republican presidential candidate did say in an interview with Fox Business Network in February that the Fed should be more anxious about deflation than inflation right now. We are not going after their independence but we have our point of view'.

Axios and the Wall Street Journal reported that Cain has been contemplated, although the White House declined to comment.

Most believe it is not legally possible for Trump to get rid of Powell, who can be replaced at the end of his term in three years.

Still, Mr. Kudlow said the President believed the Fed was fundamentally flawed in its view that at some point very low unemployment will lead to higher inflation.

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