Herman Cain says he faces 'cumbersome' vetting for Fed board seat

Herman Cain anticipates lengthy confirmation process if nominated to Fed board

Larry Kudlow, director of the White House's National Economic Council, told CNN's Jake Tapper on "State of the Union" that Trump "has every right to put people on the Federal Reserve Board with a different point of view".

Mr. Trump has been highly critical of his handpicked Fed chairman, Jerome Powell, after a series of interest rate increases and other actions previous year that Mr. Trump feels have held back an economy that would be otherwise growing like a "rocket ship".

"That's exactly how it works for every single nominee, is that there's an intent to nominate and then people fill out their forms, and then they decide, you know, whether they want to move forward after they look at what they have to recuse themselves from and so on and then the nomination officially goes to the Senate", Hassett said.

Fox Business Network anchor David Asman said the media has been unfair in its coverage of President Trump nominating former Republican presidential candidate Herman Cain to the Federal Reserve board.

Moore is an economic commentator with no previous experience with the Fed or its operations.

U.S. President Donald Trump said on Thursday that he plans to nominate Cain, a former pizza chain executive. "We believe more people working and succeeding does not cause inflation".

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Asman noted that Cain, former CEO of Godfather's Pizza, previously chaired the Kansas City Federal Reserve, yet is now being labeled unqualified by the media and pundits. The nomination of moore has encountered criticism he is too focused for a Fed board seat and unqualified.

Mr. Mulvaney said Mr. Cain "would be a great member of the Fed".

Asked about those allegations, Kudlow said, "we are going through a vetting process".

"We've seen - whether it's Supreme Court justices or many other things, we've seen a lot of charges here".

Cain is a controversial choice both for his economic philosophy and for his political baggage, having dropped a White House bid in 2011 amid accusations of sexual misconduct. "They don't necessarily pan out", he concluded.

At the time, Cain said the allegations were incorrect but acknowledged "he had made mistakes in my life", according to Bloomberg.

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