Economy

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

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

Criticism of the pair for being insufficiently qualified or too partisan for the independent central bank is "unfair", Larry Kudlow, head of the National Economic Council, said Sunday on CNN's "State of the Union". Cain faced multiple accusations of sexual harassment during a bid for the 2012 Republican presidential nomination, allegations which he has denied.

Hassett stressed that both Herman Cain and Stephen Moore are now in the "intent to nominate" phase of the process, which means they are subject to vetting and paperwork within the administration ahead of a formal nomination.

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.

On Thursday, Trump confirmed that he's recommending Cain, a former Republican presidential candidate, to the Fed's board. 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. Trump said he's not anxious about Cain going through background checks.

Cain, the former CEO of Godfather's Pizza, has served on the Kansas City Fed's board of directors though.

More news: Iranian Lawmakers Chant ‘Death To America’ While Opening Session Of Parliament

Trump has repeatedly criticized the Federal Reserve's interest rate decisions, calling out chairman Jerome Powell for slowing economic growth.

"I believe that they should drop prices and I think they should get rid of quantitative tightening. That's President Trump's key point", Kudlow said. "He's a friend of mine", Trump told reporters in the Oval Office.

Mr. Moore, meanwhile, has already been asked by Senate Democrats to produce information and documents about a US$75,000 lien that the Internal Revenue Service has filed against him for back taxes. "We believe more people working and succeeding does not cause inflation".

He then said that Trump "has every right in the world to nominate people who share his economic philosophy". "They don't necessarily pan out". "Would I be disappointed if I don't make it through this process? No".


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