Herman Cain reportedly to withdraw name from consideration for Federal Reserve Board

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A swift defection of at least four Senate Republicans has all-but-doomed the chance of Herman Cain to win a seat on the Federal Reserve's board of governors, serving as one of the most striking rebukes to President Trump's personnel choices since he took office in 2017. President Trump had announced his plan to nominate Cain, but that decision was met with criticism that the nomination was politically motivated due to Cain's support of Trump's 2016 presidential campaign and administration.

Three GOP senators - Utah's Mitt Romney, Alaska's Lisa Murkowski and North Dakota's Kevin Cramer - told The Associated Press they'd likely vote against Cain.

Assuming all 47 Democrats and the four Republican senators that have expressed opposition were to vote against Cain, it would translate into a majority of 51 "no" votes.

I was, served as Donald Trump's economic adviser. Much has been made of the fact that Cain and Moore don't have Ph.D.s in economics, said Justin Fox at Bloomberg.

Trump has repeatedly criticized the Fed's rate increases previous year, and has reportedly even discussed firing Fed Chairman Jerome Powell months ago.

The Fed has always been subject to politics, said Neil Irwin at The New York Times - after all, the president appoints its board of governors.

Cain has run into concerns by lawmakers from both parties that, as a Trump loyalist and deeply conservative political figure, he would threaten the Fed's traditional political independence.

As escalating an attempt from the White House to apply pressure over the central bank trump's decisions were seen. He dropped out of the race after allegations of sexual harassment and infidelity, which he denied.

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.

Asked about the controversy over the usually staid Fed, including statements by Cain and Moore in mainstream and social media, St. Louis Federal Reserve bank President James Bullard said the institution tends to "convert" people pretty quickly to its technocratic methods. He has also called for a return to the gold standard to control inflation, which most economists consider unworkable.

Neither Moore nor Cain have been formally nominated by Trump.

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