Packing the Fed with Trump allies

Opposition by 4 Senate Republicans may sink Herman Cain's chance to win seat on Fed

The strikes on the Fed of trump hastened previous year as the central bank increased rates.

"The Fed is an independent agency", she said.

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 US central bank's board of governors.

The president has said privately that he knows Cain will have trouble getting confirmed to the Federal Reserve Board, people familiar with the matter said Thursday.

"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.

The other is Stephen Moore, 59, a controversial economist and former Trump campaign adviser.

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Asked if a Cain nomination would face problems, McConnell, R-Ky., noted that successful nominees must pass background checks and have a likelihood of confirmation. Powell was easily confirmed by the Senate, but Trump has told aides he regrets appointing Powell to the job because the Fed took several steps previous year to raise interest rates and Trump has blamed this for slowing economic growth. Both Fed choices have been met with "heavy public scrutiny", said Paul Kiernan, also at the Journal. "Because Powell is disliked by Trump, we like him a lot more", he said. "Growth does not cause inflation", he said.

The nomination of moore has struck criticism that he is unqualified and politically focused to get a Fed board chair.

Central bank independence from short-term politics is seen as important to prevent influence that could lead to runaway debt and hyperinflation.

Trump, who picked Powell as Fed chairman, has criticized the Federal Reserve's rate increases as it tried to gradually move them to a level that neither brakes nor stimulates growth. "I think he's going to turn into a good Fed chairman".

Moore, for example, said in a Bloomberg interview that he felt Fed meetings should be televised - a likely non-starter for an organization that publishes minutes of its meetings three weeks after the fact and holds regular news conferences but feels a camera in the room would inhibit free discussion.

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