Published: Wed, April 10, 2019
Money | By Ralph Mccoy

Trump wants Fed to keep interest rate low

Trump wants Fed to keep interest rate low

Top White House economic adviser Larry Kudlow on Sunday defended President Donald Trump's selection of Herman Cain and Stephen Moore for the Federal Reserve Board, saying the picks are a matter of "world view", not politics.

After months of rumors, Trump on Thursday confirmed that he is recommending Cain for a Federal Reserve Board seat.

"They have to collect an inordinate amount of information on you and your background, your family, your friends, your pets - for the last 50 years", Cain said.

"It's an honor to be considered, whether or not I will make it through this process - time will tell", Cain said". Cain previously served multiple positions within the Kansas City Federal Reserve between 1989 and 1996.

They will likely face questions about a series of matters, including the allegations of sexual harassment that prompted Mr. Cain to withdraw from the 2012 presidential race.

In the video, however, Cain railed against those same accusations, which he lambasted as a political hit-job.

Kudlow told Tapper Sunday that the president "wants people on the Fed who share his philosophy".

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Cain said people who dislike him are "already digging up all of the negative stuff that's in storage from eight years ago". I'm not mad, y'all. "I'm not going to let the accusers run my life or determine my career".

Cain led opinion polls for a while during the Republican nominating contests, buoyed by his signature 9-9-9 tax proposal, which would have levied a flat 9 percent corporate, income and sales tax.

"So look, I'm not here to buck that independence", he said referring to the Fed. "Would I be disappointed if I don't make it through this process? No. That's the bottom line".

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

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

If nominated and approved, Moore and Cain would fill the two remaining vacancies on the Fed's seven-member board.

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