US economy

White House in talks with more Fed candidates


The White House is weighing other potential nominees for the board of the Federal Reserve, according to Trump economic adviser Larry Kudlow.

President Donald Trump’s preferred candidates, Herman Cain and Stephen Moore, may face an uphill battle winning support in the US Senate if they are officially nominated. The odds that Mr Cain in particular would garner enough votes for a potential appointment appeared remote last week, when a fourth Republican senator said he would vote against the former pizza restaurant executive.

“We are talking to a number of candidates. We always do,” Mr Kudlow said Tuesday when asked whether the White House was considering other candidates, according to Reuters.

However Mr Kudlow said the White House continues to support Mr Cain and Mr Moore. “We’ll just let things play out in the vetting,” he said.

Mr Trump has said he intends to formally nominate them to fill two empty seats on the central bank’s board.

Opponents in Congress have argued Mr Cain, a former Republican presidential candidate, and Mr Moore, a former Trump campaign adviser and an economic commentator, would threaten the Fed’s independence. Mr Trump has criticised the Fed for raising interest rates, saying the moves have stifled US growth.

Mr Cain, whose 2012 presidential campaign was derailed by allegations of sexual misconduct, has faced the most opposition. He has said the accusations were false.

“At the end of the day, it will probably be up to Herman Cain if he wants to stay in that process or not,” Mr Kudlow said.



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