President Trump shelved his plan to put Herman Cain on the Federal Reserve amid opposition from his own party, with Democrats swiftly urging Republicans to also block the president’s pick of fellow supporter Stephen Moore for the U.S. central bank.
Herman Cain speaks during Faith and Freedom Coalition's Road to Majority event in Washington in 2014.
Cain explained in a column published later Monday on conservative website the Western Journal that he changed his mind over the weekend after it was explained to him that he’d have to let go of most of his business interests, stop doing paid speeches and would not be able to “advocate on behalf of capitalism,” host his radio show or go on Fox News.
Trump has shown no such restraint, repeatedly attacking Fed Chairman Jerome H. Powell for raising rates last year and discussing firing him in December as U.S. stocks tumbled. Since then, policymakers have become very cautious as U.S. economic growth slackened amid head winds from abroad and they didn’t project any increases this year in their most recent forecasts.
As of Monday, Moore had also not been formally nominated to the Fed by the president — a routine delay as potential candidates for nominations undergo a background check.
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