White House's Kudlow says Jerome Powell can turn into good Fed chairman

No path for Trump's Federal Reserve pick Cain as four Republicans oppose

House Speaker Nancy Pelosi slammed two of President Trump's proposed nominees to the Federal Reserve Board of Governors on Thursday, calling them "the worst, ill-suited appointments that the president could have come up with". The move probably sinks Cain's chance of being confirmed.

Senators Kevin Cramer, R-N.D., Lisa Murkowski, R-Alaska, Cory Gardner, R-Colo., and Mitt Romney, R-Utah, have already expressed their opposition to Cain's nomination.

The other is Stephen Moore, 59, a controversial economist and former Trump campaign adviser. Powell was easily confirmed by the Senate, but Trump has told aides he regrets appointing Powell to the job because the Fed took several steps past year to raise interest rates and Trump has blamed this for slowing economic growth.

Fed Chairman Jerome Powell reiterated the importance of the Fed's independence during a talk Thursday evening with House Democrats meeting in Virginia for their annual issues retreat, according to a source in the room unauthorized to discuss the private session. The Fed also said it intends to end the runoff of its balance sheet at the end of September. Institute of International Finance President Tim Adams asked Fed Vice Chair Richard Clarida, an apparent reference to recent demands by Trump that the Fed lower interest rates.

Powell's appearance Thursday night at a Democratic retreat in Leesburg, Virginia, came as numerous lawmakers gathered there have raised alarms about the Fed's independence in the face of President Donald Trump's frequent criticisms of the central bank.

Trump initially called Cain "a very terrific man" who would "do very well there".

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Cain, former CEO of Godfather's Pizza, ran for the 2012 Republican presidential nomination.

At the time, Cain said the allegations were false but acknowledged that he'd "made mistakes" in his life.

That should be a decisive margin against Cain's confirmation. Last year, in September, he helped found a pro-Trump super political action committee, America Fighting Back PAC, whose website says, "We must protect Donald Trump and his agenda from impeachment".

He has also said he changed his mind about the gold standard and advocated tying Fed policy to a commodity index, which he said former Chairman Paul Volcker used to tame inflation.

Moore is a conservative commentator and another Trump political ally.

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