Trump says he will propose Stephen Moore to the US Federal Reserve By Bloomberg

(Bloomberg) – Donald Trump has nominated Stephen Moore, a visiting member of the Heritage Foundation and a long-time supporter of the president, for a position on the Federal Reserve.

Trump made the announcement Friday to reporters who accompanied him to Palm Beach, Florida, confirming a previous report from Bloomberg News.

Moore became a staunch critic of the US Federal Reserve, led by current President Jerome Powell, who did not have the favor of Trump last year after the Fed's rate hike. Putting him on the board is perhaps the president's attempt to control Powell and lead to a further tightening of US monetary policy that, according to Trump, could slow down economic growth before his re-election campaign in 2020.

Moore blamed the Fed for slowing the economy while defending Trump's policies in a column in the March 13 Journal, which he co-authored. Trump's chief economic adviser, Larry Kudlow, explained the text of his editorial to Trump after its publication, according to two people close to the case. Moore also suggested to the Fed to stabilize the value of the dollar by adopting a commodity price rule.

"I believe members of the Federal Reserve should be fired for economic malpractice," Moore said on the Red Apple (NASDAQ 🙂 show, radio show of the group's president and chief executive officer. , John Catsimatidis, charging a dismal year end market on Fed rate hikes.

"Janet Yellen could not have been worse than the guy he's got now," said Moore about Powell. "I've always thought that it was a bad choice. He's been a Fed guy for many years. Donald Trump wanted to dry the marsh. The Fed is the swamp. "

Moore is a former Trump campaign advisor who helped write his economic program and a close friend of Kudlow. He was a senior economist at the Congressional Joint Economic Committee, a member of the Wall Street Journal editorial board, and an economic badyst for CNN.

Herman Cain, the former head of a pizza company that has submitted his Republican presidential candidacy for 2012, is also under review, he added, who asked not to be identified during Trump's private discussions.

There are two vacant seats on the Fed's board of directors.

Bloomberg News had previously reported that Cain, 73, was under study. Yet his appointment would raise the prospect of a Senate hearing focused on the badual harbadment charges that ended his presidential campaign. While he remains in the run, the White House worries about whether he could erase the confirmation process, according to a person familiar with the case.

Last September, Cain co-founded a superpolitical action committee for Trump, America's Fighting Back PAC, which posted a photo of the president on his website and said, "We must protect Donald Trump and his program from destitution."

He had a long career in the business world. From 1992 to 1996, he was a director of the Federal Reserve Bank of Kansas City, as well as vice president and later president. He pleaded for the United States to return to the gold standard during his presidential campaign and, until December 2017, they defended higher interest rates, a stance that contrasts with Trump 's repeated criticism of the Fed last year.