President Trump announced that Herman Cain is withdrawing his name from consideration as a member of the Federal Reserve’s Board of Governors.
Just last week Cain said he wouldn’t withdraw.
Herman Cain told the Wall Street Journal that he has no intention of withdrawing his name from consideration for a seat on the Federal Reserve Board, despite an apparent lack of sufficient support for Senate confirmation if President Trump nominates him.
Sen. Kevin Cramer (R-ND), a close Trump ally, told reporters that “if I had to vote right now, there’s no way I could vote for” Herman Cain for the Federal Reserve Board, The Hill reports.
“Cramer’s opposition makes him the fourth Republican to denounce Cain’s potential nomination, effectively ending Cain’s chance at confirmation. Sens. Lisa Murkowski (R-AK), Cory Gardner (R-CO) and Mitt Romney (R-UT) all came out against Cain on Wednesday.”
“Herman Cain is in deep trouble. And he hasn’t even been formally nominated to the Federal Reserve yet,” Politico reports.
“Senate Republicans are warning the White House that the 2012 presidential candidate will face one of the most difficult confirmation fights of Donald Trump’s presidency and are making a behind-the-scenes play to get the president to back off.”
A new CNBC Fed Survey — which includes Wall Street fund managers, economists and strategists — finds that 60% said the U.S. Senate should not confirm Stephen Moore to a seat on the Federal Reserve Board, while 53% called for the Senate to reject the prospective nomination of Herman Cain.
Senate Banking Committee Chairman Richard Shelby (R-AL) was interviewed by the Wall Street Journal:
WSJ: What would you think of Herman Cain on the Fed?
SHELBY: It’d be interesting.
WSJ: In what way?
SHELBY: Probably in all ways.
“I doubt that will be a nomination. But if it were a nomination, you can bet what the interest rates he would be pushing for. If Herman Cain were on the Fed, you’d know the interest rate would soon be 9-9-9.”
“President Trump has told confidants he wants Herman Cain on the Federal Reserve board, but will wait until his background check is completed before making the formal announcement,” Axios reports.
“The administration did not conduct a thorough vetting of Trump’s most recent Fed pick, Stephen Moore, and they’ve had to weather stories about back taxes owed by Moore and that he had failed to pay alimony to his ex-wife.”
Bloomberg: “Cain, 73, was in the White House on Wednesday, according to people familiar with the matter. Two seats on the Fed board are vacant, but nominating Cain raises the prospect of a Senate confirmation hearing focused on the sexual harassment and infidelity accusations that ended his presidential campaign.”
“Cain had a long corporate career and is also familiar with the Federal Reserve system. From 1992 to 1996, he served as a director of the Federal Reserve Bank of Kansas City, as well as deputy chairman and then chairman.”
Herman Cain told Fox News that Republicans like Mitt Romney need to back Donald Trump as the party nominee.
Said Cain: “Mitt and all of the anti-Trump, ‘never Trump’ folk, look behind you. There is no army. What they hear are the voices of these resistance people pushing back against the presumptive nominee. There’s no army back there.”
He added: “The message is, you’re talking to yourselves. Get your egos out of the way and get behind the presumptive nominee.”
Former 2012 GOP presidential candidate Herman Cain took offense at being cited by Jeb Bush as an example of an outsider presidential candidate who lost the race.
Said Cain: “At least I was once winning. Jeb Bush has been doing nothing but losing throughout this entire campaign.”
Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.
Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country.
Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.
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