Cain may not be able to pass US Senate hearings

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

Larry Kudlow, White House economic council director, told ABC News that the president is sticking by his plans for now.

A swift defection of at least four Senate Republicans has all but doomed Herman Cain's chances of winning a seat on the Federal Reserve's board of governors, a striking rebuke to President Trump in his drive to remake the powerful US central bank.

Romney, who faced Cain in the 2012 race, has been skeptical of his chances since Trump announced his plans to nominate him.

Elected officials and interest groups on both sides of the political aisle voiced support for Powell, and for the need to keep the Fed at arms length from the influence of politicians in its interest rate decisions.

At the White House on Thursday, Trump didn't respond to a question about Cain at an Oval Office meeting about veterans.

Cain, who was previously CEO of Godfather's Pizza, has denied the allegations and this past weekend posted a video to Facebook again vowing to fight them.

"CNN" s Erin Burnett caught Stephen Moore, recently picked by President Donald Trump to join the Federal Reserve, in a whopper of a lie Thursday night when she pressed him on his past advocacy for the gold standard.

"It's all just sort of a vague memory right now, but it's hard not to hear "Herman Cain" in the context of something like this and not immediately recall some of those challenges", the North Dakota Republican said on Tuesday.

Lacamp said it is not surprising to him that the president "would try to put his stamp" on the central bank by bringing two guys from non-academia and who are likely to vote to lower interest rates onto the Federal Reserve Board.

Unemployment remains at an nearly 50-year low and growth is expect to be around 3 percent this year, well above the 2 percent that the Fed thinks is normal for the USA economy. Much has been made of the fact that Cain and Moore don't have Ph.D.s in economics, said Justin Fox at Bloomberg. The real problem here is that Moore and Cain are "transparently partisan" hacks.

But he stressed that the White House needs to consider two factors in its nominations: the individual's background check, as well as his or her prospects of getting confirmed in the Senate.

"I don't think we have a nomination", McConnell said in an interview when asked about Cain.

Moore, and fellow Trump nominee Herman Cain, a former restaurant chain executive, are battling for the two vacant seats on the Fed's Board of Governors, positions that would give them a say for years on interest-rate policy and bank regulation.

But he has already garnered support among a number of leading GOP senators, including those who are no on Cain.

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