It's up to Cain to move ahead with Fed nomination

US President Donald Trump walks after stepping off Marine One on the South Lawn of the White House

US President Donald Trump walks after stepping off Marine One on the South Lawn of the White House

Potential Federal Reserve nominee Stephen Moore extended a remarkable run of commentary on the US economy on Wednesday even as prospects for another possible Fed pick, former presidential candidate Herman Cain, appeared to fade.

Cain served as a director at the Kansas City Fed in the 1990s. With Republicans holding 53 seats in the Senate, one more defection from the GOP's majority would doom Cain's bid.

Asked if he thought he could support Cain, Shelby said he didn't know yet but that "all nominations to the Federal Reserve are very serious nominations".

"If Herman Cain were on the Fed, you'd know the interest rate would soon be 9-9-9", Romney said, referring to Cain's famous pitch for the presidential nomination wherein he promised a 9% tax on personal income, the federal sales tax and on the corporate rate.

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A fourth "no" vote for Cain, the former head of the Godfather's Pizza restaurant chain, would doom his chances. Then there are the fears about what will come up in Cain's background check considering he has already been accused of sexual harassment by multiple women. That could be complicated since he has also led a pro-Trump political action committee that attacked 12 Republican senators for voting for a bill to terminate Trump's national emergency declaration.

"There are some names out there that aren't confirmable", said Sen. Lisa Murkowski and Cory Gardner have also told reporters they plan to vote "no" on Cain. "That's what he would be facing going into the process".

Greg Valliere, the chief U.S. policy strategist at AGF Investments, said in a note to clients Wednesday that the chance Cain makes it to the Fed Board are quickly falling. "Herman is a great guy and I hope he does well". The nomination of moore has encountered criticism that he is overly focused for a Fed board seat and unqualified.

"Cain could serve as a heat-shield for Moore, though the sooner Cain's nomination is pulled the attention will be entirely on Moore", Kreuger said.

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