Trump calls Federal Reserve to cut interest rates

Irving Hamilton
April 14, 2019

Cain formerly served on the board of the Fed's Kansas City regional bank.

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.

Four senators from U.S. president Donald Trump's Republican party have said they would vote against one of his potential nominees for the Federal Reserve Board, Herman Cain.

We'll now have to see if Trump follows up with another poorly qualified media figure, or lets Moore stand alone as a testament to his belief that talking on television is the only relevant qualification for any position, from president on down.

Elected officials and interest groups on both sides of the political aisle voiced support for Powell, and for the need to keep the Fed at arms length from the influence of politicians in its interest rate decisions.

He indicated that the picks of Trump could bring new perspective to the Fed's debates on the economy and interest rates.

"The Fed is an independent agency", she said. The Fed approved four interest rate hikes in 2018, continuing a move toward policy normalization that began in 2015.

Democrats set new deadline on Trump tax returns
According to The Hill , Mnuchin plans to consult with the Justice Department to determine how the IRS is to handle the matter. Neal sent a letter earlier this month to IRS Commissioner Charles Rettig asking that the returns be turned over by April 10.

In its latest economic projections released in March, the Fed cut its forecast of the US economic growth in 2019 and 2020, expecting a rate of 2.1 percent and 1.9 percent, respectively.

Moore signaled in a Bloomberg Television interview on Thursday that he wants to challenge some tenets of central banking if he's confirmed by the Senate to be a Fed governor. "We also know that moving too slowly - keeping interest rates too low for too long - could risk other distortions in the form of higher inflation or destabilizing financial imbalances", Powell said on November 28. In 2015, he said that the Fed's crisis-era polices were "cheapening our dollar".

Moore is a conservative commentator and another Trump political ally. 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.

"I am unclear whether it is reality or a "Saturday Night Live" skit", he said.

Pelosi said politics played no role in Powell discussing his views on the economy at the Democratic retreat.

"He's a fine person", Kudlow said of Powell.

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