Republican concern could doom Trump's Fed pick Moore

Stephen Moore

Trump Fed Nominee Takes Heat over Past Statements About Women’s Sports Getty Images GQ Roll Call

Senator Joni Ernst hardened her opposition after the emergence of articles and speeches by Moore over the years, some of which have been criticized as sexist or trafficked in racism.

He also said if it fell through, he would understand.

Trump has repeatedly ignored norms created to protect the Fed's independence from political influence, which could undermine its credibility, and his nominations of Moore as well as the now-withdrawn Hermain Cain led some to see an attempt to bring pressure from the inside.

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"The only thing less amusing than some of Mr. Moore's tasteless, offensive, sexist "jokes" was the idea that President Trump would even consider him for a seat on the Federal Reserve", said Senator Chuck Schumer, the top Democrat in upper chamber. Shelley Moore Capito who expressed concerns over some of his writings about women.

"He's not going to get nominated", assured the senator, who spoke on background because of the sensitivity of discussing the president's plans. "My biggest ally is the president", he said. "We all feel bad for him. personally I think he should drop out, I don't think it's worth it", she said in an interview on Wednesday. But Cain withdrew last week after coming under renewed scrutiny for allegations of sexual harassment and infidelity which first surfaced during the campaign.

Beckworth has declined to comment.

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Earlier Thursday, Moore had told Bloomberg TV that he was "all in" and that he expected to be nominated within three weeks.

There were also concerns about his views on interest-rate policy, given as recently as September 2015 he called for eliminating the USA central bank. Moore has worked with Trump since early in his 2016 campaign for president, and in interviews in recent weeks has tied the US economy's prospects directly to whether Trump is re-elected.

Once an advocate for higher interest rates who anxious about runaway inflation, Moore now calls for low rates and, pointing to commodity prices, suggests the economy may be heading into deflation.

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Sung Won Sohn, a finance and economics professor at Loyola Marymount University in Los Angeles, said Thursday that he thought Moore's withdrawal was a positive development for the Fed. He contended that putting Moore on the Fed board would have imperiled those standards. Moore said in a radio interview on April 1 that he and his ex-wife are on good terms now. By design, monetary policy makers do not answer to the president, leaving them free to make decisions that will cause near-term economic pain but will encourage longer-term economic sustainability.

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