Herman Cain expected to withdraw from Fed Reserve Board of Governors consideration

No path for Trump's Federal Reserve pick Cain as four Republicans oppose

McConnell won't say if Senate would back Herman Cain for Fed

The other potential Fed nominee, Cain, a former pizza executive, has lost support this week from four Republican senators, enough to sink a nomination. Republicans control 53 seats of the 100 chamber Senate, and losing the support of four members means Cain would need help from Democrats, which appears unlikely.

Cain could not be reached for comment.

Kudlow responded to criticism following the statements of Trump that he plans to nominate allies - former Trump campaign adviser Stephen Moore and 2012 GOP candidate Herman Cain - into the two vacancies on the Fed board.

"We'll see who's actually nominated", said McConnell. Pelosi said. "The Fed should be determining the rates, not any politicians, and that is a risky thing for an economy when the central bank of a country has. political influence".

Mr Cain is one of two loyalists that Mr Trump has said he would like to place on the Fed board.

Neither nomination has been formally sent to the Senate but Trump has said he will put their names forward.

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When asked by reporters on Wednesday if Cain's nomination is safe, Trump suggested Cain will decide if he steps aside. "But as far as I know, it hasn't been made yet". "Herman is a great guy and I hope he does well".

Earlier Thursday, House Speaker Nancy Pelosi said elevating Cain and Moore to the Fed would risk politicizing the nation's central bank and endangering the economy.

Powell was Trump's choice to lead the Fed, but the president has been critical of him for raising interest rates. Another 12 members of the Federal Open Market Committee, which sets interest rates, head regional banks and are chosen by local boards of directors, not the president.

But while economists don't like Trump's Fed bashing, there are some who are starting to agree with the president that it's time for the Fed to hit pause on the rate hikes.

Central bank "capture" by national leaders has been blamed for a variety of economic ills, from hyperinflation to runaway debt used to finance projects in hopes of winning reelection.

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