Federal Reserve Board Pick Stephen Moore Withdraws

Federal Reserve Board Pick Stephen Moore Withdraws

Kerry Wise
May 3, 2019

Calling Moore a "great pro-growth economist and a truly fine person", Trump said the economist had made a decision to withdraw from the nomination process.

"I've asked Steve to work with me toward future economic growth in our Country", Trump said in a tweet.

Hours earlier, Mr Moore told Bloomberg News that 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".

"I am always at your disposal", he concluded.

Moore's exit comes less than two weeks after Trump's pick for another Fed seat - former Godfather's Pizza Inc.

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from political influence, which could undermine its credibility, and his nominations of Moore as well as the now-withdrawn Hermain Cain led some to see an attempt to bring pressure from the inside.

"It was very disappointing that this couldn't go forward but you know the fact is that this kind of sleaze campaign over the last three or four weeks was just really too tough for me and my family and you know we just decided it was much better for Donald Trump to select someone who doesn't have a 30-year paper trail", he told FOX Business' Neil Cavuto on Thursday.

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Joni Ernst, (R., Ia.) said of Moore.

Numerous GOP senators said they objected to Moore's disparaging past writings about women or sidestepped questions about whether they would back Moore.

CNN reported in April that Moore had written columns for the National Review more than a decade ago that derided women.

Moore, a 59-year-old economic expert and political commentator, advised Trump when he was running for president and has publicly expressed his opposition to raising interest rates. "Now President Trump must nominate two serious candidates who will strengthen our economy". "I just don't see the case for that right now". He contended that putting Moore on the Fed board would have imperiled those standards.

He had called for the Fed to raise rates in the aftermath of the 2008 financial crisis, just when the central bank and other agencies were cutting rates or taking emergency actions to help resuscitate the economy and the banking system.

Moore has argued that the Fed should follow changes in the prices of commodities, such as oil or farm goods, and raise rates if those prices rose, to stem inflation.

Moore spent years writing editorials for the Wall Street Journal and policy pieces for the libertarian Cato Institute, and has a long track record of supporting Republican causes, chief among them tax cuts.