Central bank independence is one of the most important pillars of economic policy, says Jacob Frenkel, chairman of J.P. Morgan Chase International.
There should never be a political appointment to the Federal Reserve, J.P. Morgan Chase International chairman Jacob Frenkel told CNBC on Thursday.
Frenkel was specifically asked about businessman Herman Cain and conservative economist Steven Moore, both picks of President Donald Trump to fill open seats on the Fed's board. Neither have been formally nominated, but both men share Trump's philosophy for the economy and the direction of interest rates, Vice President Mike Pence said in an interview with CNBC on Wednesday.
On Thursday, it appeared Cain's nomination was doomed after Republican Sen. Kevin Cramer of North Dakota became the fourth member of his party's caucus to say he'd vote against the former pizza executive. That wouldn't leave Cain with enough votes to be confirmed, unless Democrats crossed the aisle to support him.
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