Packing the Fed with Trump allies

The smartest insight and analysis on the Federal Reserve, from all perspectives, rounded up from around the web

The Federal Reserve building.
(Image credit: Camrocker/iStock)

The smartest insight and analysis, from all perspectives, rounded up from around the web:

President Trump is mulling another controversial nominee to the Federal Reserve's board of governors: former GOP presidential candidate Herman Cain, said Nick Timiraos and Alex Leary at The Wall Street Journal. The plan to nominate Cain, announced last week, follows the nomination of Trump's former campaign adviser Stephen Moore. Trump has repeatedly berated the Fed chairman, Jerome Powell, demanding the Fed lower interest rates to boost the economy. If both Cain and Moore are confirmed, that would put two loyal "Trump supporters on the central bank's powerful seven-seat board," who could accede to Trump's demands for economic stimulus with little regard for long-term consequences. Cain's 2012 presidential run is most remembered for his "9-9-9" tax plan and his advocacy of a return to the gold standard; the campaign fizzled out after multiple sexual harassment allegations. Both Fed choices have been met with "heavy public scrutiny," said Paul Kiernan, also at the Journal. In response, Moore and Cain have "departed from the traditional rule book" for nominees by frequently speaking in public and hitting back at opponents. Cain this week waded into the debate to say that he was being attacked because "I am an outspoken voice of conservatism."

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