October 17, 2019 01:45 PM RSS

Trump Bails On Moore Federal Reserve Pick Pledges ‘I’m All In’ Pledge

  • Wall Street Rebel | James DiGeorgia
  • 05/02/2019 4:07 PM
Trump Bails On Moore Federal Reserve Pick Pledges ‘I’m All In’ Pledge

President Trump shoot from the hip, no background check approach to picking Administration nominees for important offices backfires again. After floating both Herman Cain and Stephen Moore as nominees to the Federal Reserve Board, both have found themselves left out in the cold by White House.


By James DiGeorgia

President Donald Trump had two people in mind for the open seats on the Federal Reserve of Governors. The first person to be considered was 2012 GOP candidate Herman Cain and T.V. economist, Stephen Moore.  Cain withdrew last week because of both his closet of skeletons and today Moore was left abandoned by Trump via Tweet, and as a result has withdrawn his name from consideration, just hours after he said he was “all in” for the central bank.

Trump said in a tweet…

“I’ve asked Steve to work with me toward future economic growth in our Country.”

After speaking with Moore and letting him know he was out of consideration Trump immediately took to Twitter as he has done in the past announcing Moore’s withdrawal. Moore’s potential nomination was on course for disaster amid growing objections to his potential nomination among Senate Republicans, who were growing concerned about the skeletons in the closet.

Again much like many instances in the past, the nominee didn’t see the end approaching. Moore gave an interview to Bloomberg News in which he spoke to someone at the White House on Wednesday and had no indication he would not be nominated…

“My biggest ally is the president…he’s full speed ahead.”

Despite the revelations surrounding his appalling view about women and their roles in society he said he believed he would win votes from some Senate Democrats if his nomination was officially advanced to a confirmation hearing before the chamber’s Banking Committee. Further, in the interview, Moore asserted he expected Trump to nominate him for the Fed within three weeks formally, but insisted he’d withdraw if Trump decides that’s best…

“I’m going to do what the president wants me to do. If he wants me to keep fighting, I’m going to keep fighting. If he thinks it’s time to throw in the towel, I’ll do that.”

Moore has on several occasions expressed surprise at push-back to his candidacy from Senate Republicans, including Iowa’s Joni Ernst and South Dakota’s John Thune, the second-ranking GOP leader. Moore’s past writings in which he disparaged women had fanned the flames of discontent with his nomination. Meanwhile, Democrat Senators questioned whether Moore was sufficiently independent of the White House.

Moore has held the title of being an economic adviser to Trump’s campaign, and has been a big supporter of the President’s policies since he took office…

“Some of the stuff about women that’s come out, this was all humorous, meant to be humorous pieces. Certainly, that’s caused some problems with a number of the senators. So my strategy is I want to sit down with them in the weeks ahead.”

Moore believed he could turn around the Republican Senators expressing reservations and resistance to his nomination to the Federal Reserve Board saying about Iowa Senator Ernst’s explicitly…

 “Just because she’s ‘no’ today doesn’t mean she’s ‘no’ three months from now. The world is going to be very different two months from now.”

Moore was doing everything he could to alleviate Democratic concerns about his independence from President Trump insisting he doesn’t always side with the president. He cited as an example of his disagreement with President Trump’s suggestion, Tuesday, that the Fed should cut interest rates by as much as a full percentage point and resume bond purchases.

He also commented that he was unsure whether it was appropriate a President comment on Fed decisions, and admitted by doing so; there was a risk of undermining the central bank’s independence.…

“I do believe in the importance of the Fed being independent.”

Moore, however, questioned whether the Federal Reserve should be accountable to the public or to the president, whom he described as the “CEO of our economy,” instead of only to Congress...

“When the Fed makes a mistake, I’m not so sure it’s inappropriate for the president to speak out and say, ‘hey, I think we’ve got a booming economy, we’ve got 4 percent growth.”’

“What happens when the Fed screws up? Real people were hurt by what happened in December. This isn’t a game -- two or three trillion dollars of wealth was just eviscerated because of the mistake that the Fed made.”

In his recent interview with Bloomberg TV, Moore asserted, just before President Trump called and Tweeted to pull the rug out from under him…

“I think if we can steer the discussion away from things that I wrote 20, 25 years ago and more towards what I believe in terms of the economy and Fed policy and how to create growth and stable prices, I think I am going to win a big majority.”

Moore’s American dream of moving from TV economist to the Federal Reserve as a board member is dead. Another victim of President Trump’s shoot by the hip approach to nominations.



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