President Trump's controversial pick of Herman Cain to the Federal Reserve failed and his other recommendation for Stephen Moore remains under attack. Here's what the recent headlines mean for the future of the Fed.
President Trump doesn't like to lose, but his two recent recommendations for posts on the Federal Reserve board have come up short.
Klos sees four main takeaways from Trump's struggle to nominate an unconventional pick to a top spot at the Fed.Trump has relentlessly attacked the Fed and the leadership of Fed chairman Jerome Powell. The Fed recently reversed course on interest rate hikes, a decision the central bank said was driven by changes in economic data, but also matched the president's publicly aired grievances.Cain, like Trump, is an outspoken critic of the Federal Reserve.
He noted that Fed board member Randal Quarles was a financial lawyer with a private equity background like current Fed chairman Powell. "Think about a Powell or Quarles, lawyers with private equity and Treasury experience and policy experience. With these other picks it is harder to make that case."Trump bypassed the Treasury Department in selecting these nominees, and while that allowed him to pitch ideologues more in line with his own Fed views, it led to a breakdown in the background check process.
"What it shows is the value of having someone do a full search and vetting process," Kos said."Nominees that went through Treasury vetting and got confirmed. These went through other means, and you can see what happens when an important pick doesn't get the right vetting. We get the kind of commotion you see now."
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