Trump pick Stephen Moore withdraws from Fed board consideration

Stephen Moore Trump ally withdraws from contention for Fed seat

Stephen Moore Trump ally withdraws from contention for Fed seat

Several Senate Republicans expressed concern or outright opposition Wednesday to conservative pundit Stephen Moore gaining a seat on the US Federal Reserve board, potentially torpedoing President Donald Trump's pick before his official nomination.

In a letter to the president released following Trump's tweet, Moore praised the president's economic policies and thanked him for suggesting him for the Fed board. Steve won the battle of ideas including Tax Cuts.and deregulation which have produced non-inflationary prosperity for all Americans.

Trump first announced his intention to nominate Moore, who co-founded the Club for Growth and served as a top economic adviser on the Trump campaign, in March. Cain has denied those allegations.

As was the case with the Cain nomination, enough of Romney's Republican colleagues in the Senate came out against Moore to doom his nomination. Sen.

Numerous Republican senators had said they objected to Moore's disparaging past writings about women or had sidestepped questions about whether they would back him.

"My biggest ally is the president", Moore said.

Moore, who had told the Wall Street Journal earlier in the day that he was not dropping out, didn't immediately respond to a request for comment.

The Fed's chairman, Jerome Powell, whom Moore wrote should have been fired after the December decision, "is learning on the job", Moore said Thursday. Moore has said he regretted the writings and said they were meant as humor columns.

In another, in 2014, he said that if women were paid more than men, society could be destabilised.

Moore's loyalty to Trump anxious some lawmakers, concerned that his partisanship could threaten the Fed's independence, seen as critical to the US central bank's ability to conduct policy effectively.

Moore said less about monetary policy than fiscal policy over the years, and his views have been less consistent.

There were also concerns about his views on interest-rate policy, given as recently as September 2015 he called for eliminating the U.S. central bank.

He had called for the Fed to raise interest rates in the aftermath of the 2008 financial crisis, just when the central bank and other agencies were cutting rates or taking emergency actions to help resuscitate the economy and the banking system.

The White House said Monday it was reviewing Moore's past writings, and Moore himself has engaged in a television public relations blitz - rare for someone being considered for the Fed - aimed at salvaging his possible nomination.

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