President Donald Trump attacked the Federal Reserve on Sunday when his two nominees were in trouble with the central bank in the midst of his attempt to reshape monetary policy before the 2020 elections.
& # 39; If the Fed had done its job well, which was not the case, the stock market would have gained 5000 to 10,000 extra points and GDP would be over 4% instead of 3% … with almost no inflation . Quantitative tightening was a murderer, should have done the exact opposite! & # 39; He wrote on Twitter on his way to his Virginia golf course on Sunday.
His attack comes when his two new nominees are in trouble at the central bank.
President Donald Trump attacked the Federal Reserve again on Sunday
Herman Cain, the former executive and former presidential candidate of the former godfather pizza, is expected to retire after four Republican senators said they could not support him.
Moore is still in the running, but has questions about why he was convicted of contempt for justice in 2012 because he had paid his ex-wife no more than $ 330,000 he owed her in alimony, child support and a divorce agreement.
He also has a tax lease since he owes $ 75,000 in federal taxes, interest and penalties.
Both men have supported Trump's calls to lower interest rates, or at least have not increased them.
The president has repeatedly shocked the Fed and President Jerome Powell for raising interest rates, a move that Trump has made public and that will slow economic growth.
The strong economy is expected to be one of his discussion points in his forthcoming re-election bid.
Powell confirmed his independence from the president when he spoke to House Democrats during their retreat last week.
Herman Cain, the former executive and former presidential candidate of the Godfather & # 39; s Pizza, is expected to consider the position of the Federal Reserve Board
Stephen Moore is still active, but has to deal with questions about his divorce and child support
& # 39; We are strictly nonpartisan, & # 39; said Powell, according to The Washington Post. & # 39; We are checking our political identification at the door. & # 39;
But Trump has questioned the bank's movements, as he did on Sunday.
The Federal Reserve Bank of St. Louis last week defended the policy of & # 39; quantitative tightening & # 39 ;, which lowers the level of the bonds on the balance sheet, in the wake of earlier Trump attacks.
& # 39; It is true that the removal of unusual monetary accommodation is likely to result in less real activity and lower prices than usual, but the continued contraction of the Fed's balance sheet was not responsible for bearish capital markets in 2018, and it is also not likely that this will significantly slow down the activity. forward, & # 39; wrote Fed economist Christopher J. Neely.
In the midst of this struggle for monetary policy, the President had a hard time putting on board members who would support his views.
ABC News said early Friday that Cain would withdraw his name after four Republican senators and a moderate Democrat said she would not confirm the businessman who stopped the 2012 presidential race about allegations of sexual harassment.
Cain does not currently have the support of enough lawmakers to be confirmed.
Republican Sens. Kevin Cramer from North Dakota, Lisa Murkowski from Alaska, Cory Gardner from Colorado and Mitt Romney from Utah have said they will oppose the former godfather pizza president.
Democrat Joe Manchin from West Virginia, who sometimes crosses party lines to support Trump's nominees, said on Thursday that he would not want to confirm Cain either.
Unless Cramer or one of his & # 39; s colleagues change their mind, the nomination is damned. The GOP has 53 seats in the Senate and can only afford to lose the support of three party legislators for a given vote, assuming the vice-president is playing tiebreaker and still wins the passage of the measure.
Fed Chairman Jerome Powell reiterated the bank's independence last week
President Trump said on Wednesday that he left the White House for fundraisers in Texas, that it would be up to Cain – that he was a & # 39; great guy & # 39; mentioned and said that he appreciates a lot – to decide whether to give his name in return for the government job that comes with a 14-year term
The White House referred DailyMail.com to the president's earlier statements about Cain on Friday, because the defeat seemed almost certain.
Trump said Wednesday morning: & # 39; Herman is a great guy and I hope he does well. & # 39;
& # 39; I love Herman Cain and Herman will determine that determination, & # 39; he said. & # 39; He's just someone I love a lot. I don't know about how he does it. & # 39;
White House government leader Larry Kudlow, the National Economic Council, told The Hill newspaper Thursday that the president is still behind Cain.
& # 39; As the President said yesterday, he continues to support him, and we will see how that works out, & # 39; said Kudlow. & # 39; He is in the process, we let him go through it, the president insists. & # 39;
Trump called Cain a & # 39; great & # 39; man and a & # 39; great person & # 39; after a reporter asked about the appointment in the Oval Office.
& # 39; He is a friend of mine. I highly recommended it for the Fed. I told my people that that is the man and he is doing some pre-checks and I would think he would be in top form. I think Herman is an excellent person. A really excellent person. I would think he would do very well there, & said the president.
Cain has denied that he sexually harassed women and committed adultery. Nevertheless, he left the 2012 presidential race because the harmful accusations threatened to win his candidacy.
Years later they were about to give him a position on the Fed's board.
Trump urged reporters last week that Cain be a & # 39; highly respected man & # 39; and & # 39; someone who gets it & # 39; after a reported early about the businessman in the Oval.
& # 39; I hope everything goes well, but Herman Cain is a very good guy, & # 39; said the president.
Senator Kevin Cramer joined GOP colleague Sen. Lisa Murkowski in announcing his opposition to Herman Cain on Thursday – meaning he cannot be confirmed without a change of heart
Republican Sens. Cory Gardner and Mitt Romney also oppose the appointment of Cain. That's the ballgame for Cain unless a democrat passes the aisle or one of the Republican backtrack
Cain said a week ago on Friday in a video posted on his Facebook page that he opposed a & # 39; cumbersome & # 39; confirmation process, but he would not be deterred by attempts to derail it.
& # 39; Have them go back and dig up eight-year-old stuff, & # 39; said Cain. & # 39; I will be able to explain this time where they did not let me explain this last time. They were too busy believing the prosecutors. & # 39;
Cain served from 1989 to 1991 as chairman of the Federal Reserve Bank of Kansas City. He fought for the GOP nomination for president against Romney in the 2012 game but stopped after allegations of sexual misconduct of his time at the National Restaurant Association were revealed by news outlets.
Democrats continued to mock the 9-9-9 tax plan he put forward as a candidate and say he is too partisan to sit on the board of the Feb, which operates independently of the rest of the executive.