Senator Predicts Cain's Nomination Will Be Withdrawn

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Senator Predicts Cain's Nomination Will Be Withdrawn

White House National Economic Council Director Larry Kudlow said Thursday the White House is sticking by Cain as candidate for the Federal Reserve Board seat.

Cain formerly served on the board of the Fed's Kansas City regional bank.

Senate Majority Leader Mitch McConnell (R-Ky.) speaking of Cain's nomination to the Fed Board tells reporters Thursday that "there was a lack of enthusiasm among a number of our members about that particular nominee".

White House economic adviser Larry Kudlow said on Thursday he has confidence in Federal Reserve Chairman Jerome Powell but that President Donald Trump intends to proceed with plans to name a controversial partisan to the USA central bank's board of governors.

"I don't really think I've said anything much about the gold - I'm not in favor of a gold standard", Moore said. "We as House Democrats have always said the Fed should be determining the rates, not politicians".

"President Donald Trump is calling on the Federal Reserve to start cutting interest rates, saying the economy will take off as a" rocketship" when the Fed begins loosening policy.

Representative Brad Sherman said Powell emphasized the Fed's independence and also talked about how USA debt and deficits are unsustainable in the long term.

Moore has said recently he wanted to accommodate Trump's policies, that he feels the president's reelection was necessary for the country's economic success, and wants to do battle with what he calls "growth-phobiacs" at the Fed.

"Even if Stephen Moore does get confirmed, he would be one of 12 governors. We also know that moving too slowly - keeping interest rates too low for too long - could risk other distortions in the form of higher inflation or destabilizing financial imbalances", Powell said on November 28.

Moore is a conservative commentator and another Trump political ally.

"I am unclear whether it is reality or a "Saturday Night Live" skit", he said. But they're likely to have zero influence on the rest of the board.

Pelosi said politics played no role in Powell discussing his views on the economy at the Democratic retreat.

Powell spoke to a gathering of House Republicans in recent weeks at the invitation on Minority Whip Steve Scalise of Louisiana, according to Scalise's office.

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