Trump Recommends Herman Cain for Federal Reserve Board Seat

Donald Dossier What Herman Cain Teaches Us About Trump... and Biden

Donald Dossier What Herman Cain Teaches Us About Trump... and Biden

The US Federal Reserve has regularly faced criticism from Donald Trump, but in recent days the president took matters into his own hands - raising concerns that the Fed is being politicised.

The nominations of Moore and Cain are widely seen as a strike by Trump to get the Fed (and its Trump-appointed Chairman Jay Powell) to lower interest rates.

'Donald Trump is very mad at (Fed chair) Jerome Powell and his colleagues for continuing to raise the interests rates (in 2018) and realises he has a role to play here. That's boosted the stock market back near record levels.

Mr Trump's moves have alarmed some experts, but he is not alone in thinking the Fed went too far previous year: some economists such as Mr Joseph LaVorgna from Natixis think it tightened too much.

Cain has not explicitly called for rate cuts as of late. "He's doing some pre-checking now and I would imagine he'd be in great shape", the president said.

Mr. Trump has been highly critical of his handpicked Fed chairman, Jerome Powell, after a series of interest rate increases and other actions previous year that Mr. Trump feels have held back an economy that would be otherwise growing like a "rocket ship".

At the end of March, Trump said he would appoint Stephen Moore, a conservative economic analyst and frequent Fed critic, to the board.

JPMorgan Chase CEO Jamie Dimon said on Thursday that they are "not the right people" to be on the Fed's board.

From 1992 to 1996, Cain served as a director of the Federal Reserve Bank of Kansas City.

Moore was a close advisor to Trump in the 2016 and co-authored a book on how the Republican nominee's economic agenda would revive the economy. The central bank was established to be an apolitical entity whose job is to try and ensure maximum employment and price stability by setting interest rates. "The president has every right in the world to nominate people who share his economic philosophy". It is not a political issue.

But the president has expressed his unhappiness with Powell's Fed decisions numerous times on Twitter and in media interviews. Kudlow emphasized that his words should not be interpreted as an attack on the independence of the Fed.

Kudlow added that Cain, who dropped out of the 2012 presidential race following allegations of sexual harassment, was in the process of being vetted by the White House.

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