Herman Cain, facing resistance from his own political party as U.S. President Do...
- Herman Cain, facing resistance from his own political party as U.S. President Donald Trump’s pick to fill a seat on the Federal Reserve Board, withdrew Monday from consideration for the post, citing what he said would be a decrease in influence and pay.
Four Republican U.S. senators have expressed reservations about seating Cain at the Fed, likely enough to deny him the support he needed to secure Senate confirmation for the post. Cain delivers a stream of conservative commentary daily by Twitter and via a radio show. He also gives frequent speeches. A job at the Fed would bar him from those activities.
Schumer said in a statement that Moore “poses a danger to the economic stability of our country” and called on Republicans who have a majority in the Senate to force him out of consideration.Central bank independence from short-term politics is seen as important to prevent influence that could lead to runaway debt, inflation and financial instability.
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