Steve Moore withdraws from Federal Reserve Board process

Channel: Fox Business
Published: 4 hours ago

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FBN's Blake Burman on Steve Moore withdrawing his name from consideration for the Federal Reserve Board. FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New York — the bus...



Transcript
All right, some breaking news for you, stephen moore, has withdrawn his name from consideration to fill a vacant federal reserve post. This follows on the heels of herman cain, doing the same so to prime candidates. The president thought could serve that sort of bulls in a china shop called the federal reserve are out the president, among other things, tweeting out that steve moore, a great throw ...
rowth economist and a truly fine person has decided to withdraw from the fed process. Steveland a battle of ideas, including tax cuts into regulation, which would reduce not inflationary prosperity for all americans. I that steve to work with me toward future. You get on the growth in our countrythis fast, changing development. Here many would say well expected like burma with more from the white house lake. Neil fast is right because earlier today, on the north lawn here at the white house, the press secretary, sarah sanders was asked about the status of steve moore and she basically said that nothing had changed. In fact, moore himself this morning, according to bloomberg, was there having a breakfast with some reporters there this morning saying that he was all in that the white house was all in that was just a few hours ago, and you just read the tweet from president trump. Just a few moments ago, in which the president says that steve moore is nolonger under consideration to join the federal reserve board of governors, important to note that steve moore had not been officially nominated. That was because he was going through the background check and in that process there had been some several questions raised. I shouldn't say in that process at least while this had been waiting itself to see whether or not more would be nominated.

Several questions had been raised, including about a potential lien that was on his house. There had been some comments, some very controversial comments and moore had said in the past and also in recent days as it relates to women. There were questions as to whether or not he could make it throughthe process up on capitol hill. Just a couple days ago, senator joni ernst of iowa, a republican, had come out and said that it was very unlikely that she would be able to vote for steve moore and, as this started to go on neal. It got to the point where it almost seemed inevitable that moore would not have the report the support, rather from republicans up on capitol hill. Remember. The basic math here is with no democratic support. If four republicans were to say no, that was it. That'S exactly what happened to herman cain, whose name was put out there by president trump was going through. The background check never officially nominated took his nameout. Now you can add steve moore to that list as well. So where do we go from here? Where does the the white house go from here? There are two open seats for two people to join the federal reserve board of governors.

The president had thought that he had this one wrapped up with steve moore, a close confidant of larry kudlow and someone who had helped the president deliver his tax reform ideas during the campaign and then herman cain. Someone who the president thinks alike with politically as well. But now those two seats are open and it could take quite some time to fill them. You know real quickly, but i remember mitch mcconnell hadsaid about the vetting process. For these two gentlemen, not do, i think, referring to herman cain and steve moore, that it has to be more thorough, that they can't just be dumped on the senate, i'm over trivializing and paraphrasing what he's saying. But the message was: do your homework if we have grenades here, we best be prepared for them. Well, remember the timeline here because it was herman cain who got was about to be put up by the president first and then there were the the past, a callaghan, z -- - that had haunted him during the 2012 presidential campaign of alleged sexual misconduct. And then there were questions about whether or not he was too partisanfor an independent job like the federal reserve, so that was kind of the warning and then steve moore was put up and you start to add all of this negative story after negative story. After negative story and lots of real questions with them, neal and now you got to wonder going forward whether or not this white house is going to put forth potential candidates for the federal reserve board of governors that might be close to them, but maybe unvetted or Folks, who are gon na get a very, very, very careful look before even names are leaked or put forward yeah. It is the world in which we live, my friend all right department. Thank you, veryvery much.


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