House Democrats slam Trump’s Federal Reserve board nominees as an ‘embarrassment’
Democratic leaders slammed President Trump’s picks for the Federal Reserve Board, warning Thursday that the two men Mr. Trump has floated are unqualified and too political to help steer the U.S. economy.
“With stiff competition, these two appointments to the Fed are the worst, ill-suited appointments that the president could come up with,” House Speaker Nancy Pelosi, California Democrat, told reporters.
Earlier this month, Mr. Trump announced he was nominating Herman Cain, a former Republican presidential candidate and pizza company executive, to fill a vacancy to govern the country’s central bank. In March, he nominated economic analyst Stephen Moore, a Washington Times columnist, for another spot.
Mrs. Pelosi said they would give Mr. Trump undue influence in an agency that’s supposed to be an independent rudder for the economy, setting interests rates with an eye toward controlling inflation and boosting jobs.
Mr. Trump has been particularly harsh in criticizing Fed Chairman Jerome Powell, who he accuses of stifling what would otherwise be a hotter economy.
Mrs. Pelosi said those kinds of complaints color the president’s new picks.
“The Fed should be determining the rates, not politicians. That is a dangerous thing for an economy, when the central bank has the influence the political influence there,” she said. “Thank God Chairman Powell is there.”
Democratic Caucus Chairman Hakeem Jeffries said the nominations were an “embarrassment” and he expects them to be withdrawn.