Cain's Fed chances in peril as 4th Republican opposes

Opposition by 4 Senate Republicans may sink Herman Cain's chance to win seat on Fed

Senators Mitt Romney, Lisa Murkowski and Cory Gardner, all Republicans, have each reportedly said they would vote against Cain if he is nominated.

The chairman fielded questions from lawmakers during a question-and-answer session in Lansdowne, but declined to comment on the president's potential picks.

Elected officials and interest groups on both sides of the political aisle voiced support for Powell, and for the need to keep the Fed at arms length from the influence of politicians in its interest rate decisions. If the president wants to appoint hacks to run the Fed, nothing in the law stops him.

Mr Trump's party holds a 53-47 majority in the Senate, and can afford only three defections if all Democrats vote in opposition to a nominee.

"When Powell was first appointed, he might have gotten a chilly reception from our caucus" because he was elevated to Fed chair by Trump, Sherman said.

"When I saw Trump's tweet, the feeling I had is that it increases the odds the Fed tightens this week to assert their independence", said Carl Tannenbaum, chief economist at Northern Trust and a former Fed economist.

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As escalating an attempt from the White House to apply pressure over the central bank trump's decisions were seen.

Pelosi went on to accuse Trump of seeking to undermine the Fed's independent role in setting the nation's monetary policy, responding to a question about public comments from Vice President Pence about how Moore and Cain share Trump's views on keeping interest rates low.

Trump initially called Cain "a very terrific man" who would "do very well there". Kevin Cramer, R. -N.D., that he opposed Cain, citing past charges of sexual harassment that resulted in Cain's withdrawl from the 2012 Republican presidential race.

At the time, Cain said the allegations were false but acknowledged that he'd "made mistakes" in his life.

If both Cain and Moore are confirmed, that would put two loyal "Trump supporters on the central bank's powerful seven-seat board", who could accede to Trump's demands for economic stimulus with little regard for long-term consequences. Last year, in September, he helped found a pro-Trump super political action committee, America Fighting Back PAC, whose website says, "We must protect Donald Trump and his agenda from impeachment".

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