Trump’s Federal Reserve pick rebuked over alimony

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White House economic adviser Larry Kudlow said on Thursday that he has confidence in Federal Reserve Chairman Jerome Powell and believes he will turn into a good central bank chairman. The same senator noted that with all 47 Democrats expected to oppose Cain and four Republicans announcing against him, "there doesn't seem to be a path to confirmation for him". Pelosi said. "The Fed should be determining the rates, not any politicians, and that is a unsafe thing for an economy when the central bank of a country has. political influence".

Senate Majority Leader Mitch McConnell told members during a private lunch on Tuesday to share their concerns with the White House sooner rather than later, before Trump officially nominates Cain.

Cain ran for president in the 2012 GOP primary, but lost momentum amid accusations of sexual harassment and misconduct, among other things. Cramer, and other lawmakers, have cited allegations of sexual harassment that derailed Cain's 2012 presidential candidacy.

THE International Monetary Fund (IMF) warned of "dangerous" consequences for the United States economy if moves such as President Donald Trump's calls for Federal Reserve interest-rate accommodation lead to monetary policy mistakes.

Cain formerly served on the board of the Fed's Kansas City regional bank. Trump this week said it would be up to Cain whether he wanted to follow through with a nomination.

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One of President Donald Trump's pick for the Federal Reserve Board, Stephen Moore, had to backtrack on a statement about his support for the gold standard after CNN host played back multiple clips of him contradicting himself.

"How do you see the Fed's independence, given what appears to be political persuasion trying to guide policy from outside the building?" Much has been made of the fact that Cain and Moore don't have Ph.D.s in economics, said Justin Fox at Bloomberg.

But he stressed that the White House needs to consider two factors in its nominations: the individual's background check, as well as his or her prospects of getting confirmed in the Senate. "It's about who I think should be on the board", the senator explained.

Moore, and fellow Trump nominee Herman Cain, a former restaurant chain executive, are battling for the two vacant seats on the Fed's Board of Governors, positions that would give them a say for years on interest-rate policy and bank regulation. Cain started the political action committee, America Fighting Back, past year to help Trump in the midterm elections, has called for reverting to the gold standard, and wants the central bank to slash interest rates.