Four Republican senators say they'd vote 'no' on Cain

Trump stands by controversial Fed pick Herman Cain

Cain, who served as a director of the Federal Reserve Bank of Kansas City, as well as deputy chairman and later chairman, said in a video posted on Facebook (NASDAQ:) on April 5 that he faced a "cumbersome" vetting process for the Fed seat, suggesting he may be considering withdrawing.

Four senators from U.S. president Donald Trump's Republican party have said they would vote against one of his potential nominees for the Federal Reserve Board, Herman Cain. The same senator noted that with all 47 Democrats expected to oppose Cain and four Republicans announcing against him, "there doesn't seem to be a path to confirmation for him".

Some argue that the only impact Trump is having on the Fed is to make the central bank more likely to hike since the Fed doesn't want to appear to have lost its independence from politics.

The White House offered no fresh comment Thursday about Trump's intentions, referring reporters to his earlier comments about Cain.

The president has already said he plans to unveil yet another conservative secretary, Stephen Moore, for a vacancy on the board.

Senate Majority Leader Mitch McConnell told members during a private lunch on Tuesday to share their concerns with the White House sooner rather than later, before Trump officially nominates Cain. There is also concern that Cain's background check will resurrect past sexual harassment and misconduct allegations that surfaced during the 2012 presidential campaign.

The former CEO of Godfather's Pizza, who turned the company into a top pizza franchise, is an ardent supporter of the president, launching a pro-Trump super PAC, America Fighting Back PAC in 2018.

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In addition to Walton's firing, Lakers President of Basketball Operations Magic Johnson stepped down Tuesday. The organization announced its decision to "mutually" part ways with coach Luke Walton after three seasons.

Last week, TheGrio reported that President Trump told reporters he would nominate Cain for the role and that he referred to cain as a highly respected man.

Neither Moore nor Cain have been formally nominated by Trump.

THE International Monetary Fund (IMF) warned of "dangerous" consequences for the U.S. economy if moves such as President Donald Trump's calls for Federal Reserve interest-rate accommodation lead to monetary policy mistakes.

Asked about the controversy over the usually staid Fed, including statements by Cain and Moore in mainstream and social media, St. Louis Federal Reserve bank President James Bullard said the institution tends to "convert" people pretty quickly to its technocratic methods. "Herman is a great guy and I hope he does well".

He can complain publicly, as Trump has done routinely, breaking a roughly 25-year span of presidents generally not commenting on Fed policy.

On Thursday, White House economist Kevin Hassett praised Cain. "I think he's going to turn into a good Fed chairman".

"Even if Stephen Moore does get confirmed, he would be one of 12 governors".

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