Powell Said to Tell Democrats Fed Won't Bend to Outside Pressure

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Trump has not formally send Cain's nomination to the Senate for confirmation.

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. Kevin Cramer, R. -N.D., that he opposed Cain, citing past charges of sexual harassment that resulted in Cain's withdrawl from the 2012 Republican presidential race. Both Fed choices have been met with "heavy public scrutiny", said Paul Kiernan, also at the Journal.

"I think my qualifications stand up pretty well", he said.

Earlier Thursday, House Speaker Nancy Pelosi said elevating Cain and Moore to the Fed would risk politicizing the nation's central bank and endangering the economy. But its deliberations on how to steer the economy and interest rates have a nonpartisan cast.

Last week, TheGrio reported that President Trump told reporters he would nominate Cain for the role and that he referred to cain as a highly respected man. The chairman told the lawmakers that interest rates are at about the right level given current economic conditions and that the benefits of US economic growth haven't been as widely spread as the Fed would like.

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Moore is a conservative commentator and another Trump political ally.

"These two appointments to the Fed are the worst, ill-suited appointment that the president could come up with", she told reporters. "The likelihood is that they will be withdrawn".

Even so, the Fed shouldn't have two seats given over to governors who will pander to the president, said Roger Lowenstein at The Washington Post.

The president's repeated exhortations against the Fed raising rates break with his predecessors, who generally avoided commenting publicly on the central bank's policies to protect its credibility and independence. Burns caved, Nixon won, and inflation soared to double digits. We've seen how a responsible Fed board should behave, and it sets the standard the U.S. Senate should expect before approving a nominee: At the height of the financial meltdown in 2008, then-chairman Ben Bernanke made the case to President Bush for a necessary but deeply unpopular bank bailout.

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