Donald Trump: Herman Cain Has Withdrawn from Federal Reserve Consideration

Donald Trump: Herman Cain Has Withdrawn from Federal Reserve Consideration

Veteran sports reporter Bonnie Bernstein ripped President Donald Trump's Federal Reserve pick Stephen Moore for once suggesting she wear a halter top when she covers male sports events. The columns included pithy jokes and commentary about banning female announcers and referees from NCAA basketball games and questioning why ESPN would ever air women's basketball.

"I have a sense of humor", he added.

President Donald Trump said he won't nominate Herman Cain for a seat on the Federal Reserve Board after opposition from his own Republican party appeared to sink the former pizza company executive's hopes for Senate confirmation. Reports have also indicated that he has fallen behind on alimony and child support payments to his ex-wife.

Arguably the world's most influential bank, it is traditionally an independent body.

Senate Democratic Leader Chuck Schumer warned the Republicans against using Cain's withdrawal as a "pathway" to approval of Moore, calling him "equally unqualified and perhaps more political".

Schumer said in a statement that Moore "poses a danger to the economic stability of our country" and called on Republicans who have a majority in the Senate to force him out of consideration. "The Fed's culture is consensus-driven and apolitical".

"There were so many things about (Cain) that were red flags", including his lack of understanding of monetary policy, said Diane Swonk, chief economist at Grant Thornton and longtime Fed watcher.

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He served as the chairman of the Kansas City Federal Bank from 1989 to 1991.

The president's desire to place Cain and fellow supporter Stephen Moore on the Fed board had sparked concern over the politicization of the USA central bank.

Cain, who backed Trump's tax cuts and credited the president for a booming economy, had previously forecast a recession, which he blamed on President Barack Obama, and was arguing in favor of a return to the gold standard back in 2012.

Trump has shown no such restraint, repeatedly attacking Fed Chairman Jerome Powell for raising rates a year ago and discussing firing him in December as US stocks tumbled. That rate, in turn, affects everything from mortgage rates to the interest rate on auto loans and the interest paid on savings accounts.

The Fed in March brought a three-year rate-hike cycle to an abrupt end as it abandoned projections for any further rate increases this year.

Last week, Cain told the Wall Street Journal he was "very committed" to remaining in the running despite rumors to the contrary, and reiterated to the Fox Business Network that backing out was "not in [his] nature", The Hill reported. Many economic historians argue that the gold standard, which fixes the dollar's value to a specific amount of gold, worsened the Great Depression.

He is often remembered for his 9-9-9 tax reform plan during his campaign, and this viral campaign video by an adviser.

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