White House economic advisor calls critics of Trump Fed's choice "very unfair"

White House economic advisor Larry Kudlow on Sunday defended President Donald Trump's controversial selection in the Federal Reserve, extolling their experience and dismissing criticism that they would be too much in favor of independent advice.

"I think these criticisms are very unfair," Kudlow said at the "State of the Union."

On Thursday, Trump said he recommended Herman Cain, a former executive of a pizza company and presidential candidate for the 2012 Republican Party, to the Federal Reserve. Last month, Trump officially appointed Stephen Moore, an economics expert and past president of Club for Growth, to the board.

Cain's appointment has not been made official yet as he checks the background, although Trump said Friday "I imagine he would be in great shape". Calling Cain "an exceptional person, a truly outstanding person," Trump continued, "I think he would do very well there."

Both choices have been criticized. Moore was criticized for reporting on his tax arrears and for failing to pay alimony to his ex-wife, in addition to some of his views on the public economy. Meanwhile, Cain, the GOP's presidential candidate in 2012, has ended his presidential campaign amid allegations of sexual harassment that he has denied.

Four women alleged inappropriate sexual behavior during their stay at the National Restaurant Association, a business run by Cain from 1996 to 1999. Two of the women were reportedly compensated by the occupational group. One of the women accused Cain of having tensed her head and trying to force her on her knees. Cain vehemently denied the allegations at the time.

Like Moore, Cain, who joined the US Federal Reserve in 1989 and later became vice president, then questioned his economic views.

Cain posted a video on Facebook on Friday saying that the background check he was facing would be "heavier" than most, adding, "You'd better believe that people who hate me, who do not like not conservatism … are already digging up the negative things that are in stories of eight years ago. "

Cain acknowledged that he might not succeed in an appointment process, saying "time will tell." Interview with Fox News Sunday, Mick Mulvaney, Acting Chief of Staff White House m said Cain's appointment was still in force and he "would be an excellent member of the Fed".

On CNN, Kudlow said Moore and Cain were "very smart people," adding that Trump had the right to nominate people with opinions that go against the Fed's consensus.

Trump "is very knowledgeable," said Kudlow. "He's a successful investor, he's a successful business man, he wants Fed leaders who share his philosophy." political problem."

The members of the Federal Reserve Board have a 14-year term and must be confirmed by the Senate. Trump has repeatedly criticized the Fed for its monetary policies and its management of the economy led by President Jerome Powell, appointed by Trump in November 2017.

Regarding Moore, who said he was on a "steep learning curve" to learn the nuts and bolts of the Fed's operations and decision-making, Mr. Kudlow said he There was "nothing wrong with a little modesty or a bit of humility".

"The president stands behind these two gentlemen for the moment," he added.

Allan Smith

Allan Smith is a political journalist for NBC News.