Stephen Moore was Donald Trump’s latest choice to join Federal reserve board. Now he’s withdrawn
- Another candidate, businessman and long-shot presidential candidate Herman Cain, last week pulled out of the process to fill one of two remaining openings on the central bank board
US President Donald Trump’s latest choice to become a member of the Federal Reserve board withdrew from consideration on Thursday, his fourth pick to fail to make it through the process.
Conservative economic commentator Stephen Moore had faced mounting criticism over his qualifications and past comments.
The withdrawal suggested the president is facing difficulty in installing loyalists at the central bank.
First, Cain. Now, Moore. Thank goodness neither were actually nominated
“Steve Moore, a great pro-growth economist and a truly fine person, has decided to withdraw from the Fed process,” Trump said on Twitter, moments after Moore told Bloomberg and The Wall Street Journal that he would stay in the race.
Another candidate, businessman and long-shot presidential candidate Herman Cain, last week pulled out of the process to fill one of two remaining openings on the central bank board.
Trump has repeatedly ignored norms designed to protect the independent Fed from political influence, which could undermine its credibility, lambasting the central bank for raising interest rates and even this week calling for a drastic cut.
In that atmosphere, his nominations of Moore and Cain were viewed by some as an attempt to bring pressure from the inside. They also were criticised for their lack of qualifications, including by Republicans in the Senate.