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White House's Kudlow says Jerome Powell can turn into good Fed chairman

White House's Kudlow says Jerome Powell can turn into good Fed chairman

However, four Republican senators-including Utah's Mitt Romney, who ran against Cain for the 2012 Republican presidential nomination-announced that they would not support Cain for a Fed seat.

Some argue that the only impact Trump is having on the Fed is to make the central bank more likely to hike since the Fed doesn't want to appear to have lost its independence from politics.

When asked by reporters on Wednesday if Cain's nomination is safe, Trump suggested Cain will decide if he steps aside.

The president has already said he plans to unveil yet another conservative secretary, Stephen Moore, for a vacancy on the board.

At the White House on Thursday, Trump didn't respond to a question about Cain at an Oval Office meeting about veterans. Cain was well known during his presidential campaign for a bumper-sticker tax plan that he called "9-9-9", but he has been forced to deny multiple accusations of sexual misconduct and harassment.

The former CEO of Godfather's Pizza, who turned the company into a top pizza franchise, is an ardent supporter of the president, launching a pro-Trump super PAC, America Fighting Back PAC in 2018.

Trump has not formally nominated Cain or Moore.

Cain served in a variety of Federal Reserve roles in Kansas City between 1989 and 1996. "Herman is a great guy and I hope he does well".




"I think having someone with business experience on the Fed would be a real breath of fresh air", Moore said.

President Donald Trump's pick for the Federal Reserve Board was launched in contempt of court for failing to pay $300,000 in alimony and other obligations related to a divorce, according to a report from The Guardian.

Cain is now undergoing a background check, as is Trump's other controversial Fed pick, conservative economic commentator Stephen Moore.

On Thursday, White House economist Kevin Hassett praised Cain. Senate Majority Leader Mitch McConnell on Thursday withheld comment on whether he would support Cain, saying he will wait to see "who is actually nominated".

Jeffries, chairman of the House Democratic Caucus and a possible eventual successor to Pelosi, derided Trump's choice of Moore and Cain.

But he stressed that the White House needs to consider two factors in its nominations: the individual's background check, as well as his or her prospects of getting confirmed in the Senate.

"I don't really think I've said anything much about the gold - I'm not in favor of a gold standard", Moore said. Last week he tweeted his intention to name the former presidential hopeful, who heads a political action committee supporting Trump's agenda.

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