Moore defends qualifications for Fed, says bank 'can be divorced from politics'

Daniel Fowler
April 14, 2019

Federal Reserve Chairman Jerome Powell asserted the central bank's independence in remarks to Democratic lawmakers, telling them the Fed doesn't consider political pressure in any way, according to two people in the room for the closed-door event.

Trump has announced he intends to nominate for two current exemptions to the seven-member Fed board to Stephen Moore, political allies and former 2012 GOP presidential candidate Herman Cain.

Pelosi went on to accuse Trump of seeking to undermine the Fed's independent role in setting the nation's monetary policy, responding to a question about public comments from Vice President Pence about how Moore and Cain share Trump's views on keeping interest rates low.

In recent months, Trump has lashed out at the Fed and its leaders, calling the central bank "loco" and "out of control" and saying he is "not even a little bit happy" with Powell, whom Trump appointed to the top job just over a year ago after he decided not to reappoint former Fed chair Janet Yellen, who is known to be cautious about rate hikes. Pelosi said. "The Fed should be determining the rates, not any politicians, and that is a risky thing for an economy when the central bank of a country has. political influence". "We as House Democrats have always said the Fed should be determining the rates, not politicians. Growth does not cause inflation", he said.

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Mr Cain is one of two loyalists that Mr Trump has said he would like to place on the Fed board.

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. Cain said in a video posted on Facebook (NASDAQ:) on Friday that he faced a "cumbersome" vetting process for the Fed seat, suggesting he may be considering withdrawing.

"I don't think I've ever really said anything much about the gold [standard]", he insisted.

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. "The likelihood is that they will be withdrawn". Cain this week waded into the debate to say that he was being attacked because "I am an outspoken voice of conservatism".

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