Republicans bail on Cain nomination to Fed

Trump stands by controversial Fed pick Herman Cain

Republicans bail on Cain nomination to Fed

National Economic Council Director Larry Kudlow said Thursday morning that the Federal Bureau of Investigation was conducting a background check on Cain and that he was still the White House's pick, "at the moment".

Senate Majority Leader Mitch McConnell isn't saying whether he thinks his chamber will confirm with the Federal Reserve board to be joined by Herman Cain, casting doubt on the Republican presidential candidate prospects must him advances. If both Cain and Moore are confirmed, that would put two loyal "Trump supporters on the central bank's powerful seven-seat board", who could accede to Trump's demands for economic stimulus with little regard for long-term consequences. "We as House Democrats have always said the Fed should be determining the rates, not politicians".

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

A former CEO of Godfather's Pizza, cain, ran for the 2012 Republican nomination but fell out after allegations of adultery and sexual harassment.

Warren sent a separate letter to Cain, a former Republican presidential candidate, also describing him as unsuitable for the post. Trump this week said it would be up to Cain whether he wanted to follow through with a nomination.

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

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

"I've recommended Herman Cain".

Earlier in the day, New York Representative Hakeem Jeffries, a member of the Democratic House leadership, said that there's "general concern" in the party about whether Trump understands the need for Fed the independence and whether president is trying to pressure the central bank for lower interest rates ahead of the 2020 election. The IMF supports the Fed's stance on monetary policy, Mr Adrian said.

White House economic council director Larry Kudlow said on Thursday that the president was sticking by his decision to nominate Cain "at the moment". "It's about who I think should be on the board", the senator explained. One is a background check and the other is the likelihood of confirmability.

Concerns about the Fed's independence have been exacerbated by Trump's announcement that he plans to nominate two political loyalists, businessman Herman Cain and conservative Stephen Moore, to the board, House Speaker Nancy Pelosi 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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