Senator Predicts Cain's Nomination Will Be Withdrawn

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White House National Economic Council Director Larry Kudlow said Thursday the White House is sticking by Cain as candidate for the Federal Reserve Board seat.

Former Dallas Fed advisor Danielle DiMartino Booth, AGF chief US policy strategist Greg Valliere and Jim Lacamp, senior VP of investment at UBS, on President Trump nominating Herman Cain and Stephen Moore to the Federal Reserve's board of governors.

Romney, who faced Cain in the 2012 race, has been skeptical of his chances since Trump announced his plans to nominate him.

"I worry that a perception that somehow politics is gaining a more important role in these decisions will undermine confidence in this nonpartisan institution", said Donald Kohn, a former Fed vice chair who spent more than 30 years at the central bank. Trump has also nominated conservative economist Stephen Moore to the Federal Reserve's board of governors.

At the White House on Thursday, Trump didn't respond to a question about Cain at an Oval Office meeting about veterans. Cramer, and other lawmakers, have cited allegations of sexual harassment that derailed Cain's 2012 presidential candidacy. "We'd have a standard on which to base our money", Trump said back in 2016.

Cain served as the Chairman of the Federal Reserve Bank of Kansas City's Omaha Branch, from 1989 to 1991 and as the Chairman of the Federal Reserve Bank of Kansas City from 1995 to 1996.

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"I've recommended Herman Cain". On Wednesday, President Trump said the decision to withdraw will belong to Cain.

Unemployment remains at an nearly 50-year low and growth is expect to be around 3 percent this year, well above the 2 percent that the Fed thinks is normal for the US economy.

In recent days Trump tried to take a slightly softer tone, telling Fed Monday leaders to "Take the victory!" of a solidly growing economy with "virtually no inflation" and not ruin all the good by raising interest rates.

More likely than not, though, Cain's proto-nomination is toast; there are late-breaking reports that he will withdraw his candidacy for the post, relieving the president of the responsibility for pulling the plug. Cain started the political action committee, America Fighting Back, previous year to help Trump in the midterm elections, has called for reverting to the gold standard, and wants the central bank to slash interest rates.

Senate Majority Leader Mitch McConnell on Thursday declined to comment about whether he would personally support the nomination of either Cain or Trump's other pick, Stephen Moore, saying neither of Trump's choices has been formally sent to the Senate.

But he has already garnered support among a number of leading GOP senators, including those who are no on Cain.

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