Stephen Moore Withdraws From Consideration for Fed Position

Donald Trump gives his best approximation of a human smile in front of the American flag
Stephen Moore withdraws from consideration for Federal Reserve post
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03 May, 2019

Stephen Moore, a Trump campaign adviser and conservative pundit, has withdrawn his name from consideration to serve on the Federal Reserve Board, President Trump said Thursday.

Trump said on Twitter Thursday afternoon that Moore made a decision to withdraw, a move that came amid growing objections to his potential nomination among Senate Republicans.

"I've asked Steve to work with me toward future economic growth in our country", Mr Trump said in the tweet. I am always at your disposal.

If Democrats unanimously oppose Moore, he could endure only three Republican defections. Chief Executive Officer Herman Cain - withdrew from consideration as criticism related to sexual harassment allegations eroded support for him.

Senator Susan Collins said she will wait to see whether Moore gets nominated before deciding how she will vote, but "some of his writings about women I find offensive, and I'm concerned about whether he respects the independence of the Federal Reserve". Moore has worked with Trump since early in his 2016 campaign for president, and in interviews in recent weeks has tied the USA economy's prospects directly to whether Trump is re-elected.

The powerful Fed board of governors raised interest rates last December - a move that angered Trump and Moore - but it kept the rates unchanged Wednesday, as expected.

But Moore said although he doesn't remember the writings that took place nearly 19 years ago, they were insulting to women and meant to be a joke.

Joni Ernst, (R., Ia.) said of Moore.

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President Donald Trump tweeted on Thursday.

In one column that Moore has since apologized for, he joked that women should not referee men's basketball games and suggested they should not be in military combat.

But the White House insisted Mr. Trump stood behind Moore, despite his comments. "Now President Trump must nominate two serious candidates who will strengthen our economy".

But the idea of putting Moore on the Fed prompted a strong backlash from many economists. Most traditional right-leaning economists, though, have pushed for higher interest rates for most of the past decade.

"I shouldn't have said it", Moore told PBS News on Tuesday.

He had called for the Fed to raise rates in the aftermath of the 2008 financial crisis, just when the central bank and other agencies were cutting rates or taking emergency actions to help resuscitate the economy and the banking system.

Moore spent years writing editorials for the Wall Street Journal and policy pieces for the libertarian Cato Institute, and has a long track record of supporting Republican causes, chief among them tax cuts.


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