Trump's Federal Reserve pick Stephen Moore pulls out as pressure mounts
00:58, May 3, 2019
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Trump announced otherwise early Thursday afternoon.
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. "Steve won the battle of ideas including Tax Cuts and deregulation which have proceeded non-inflationary prosperity for all Americans".
"I've asked Steve to work with me toward future economic growth in our Country", Trump said in a second tweet.
"If people are looking at things that I was writing 25 years ago, and you know looking through my divorce records, and it just was it was too hard for us, and I feel bad because I feel like I've let a lot of people down and the president, most of all", he said. I am always at your disposal.
Moore was scrutinized for past articles which suggested women should not earn as much as men.
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.
"Can you imagine the idea that we just keep printing money and somehow that's just going to create growth", Moore said. Marsha Blackburn, R-Tenn., said his comments were a topic on which she would have questioned him.
He also said women should not cover basketball games on television unless they wore revealing clothes. The only thing less amusing than some of Mr. Moore's tasteless, offensive, sexist "jokes" was the idea that President Trump would even consider him for a seat on the Federal Reserve. Charles Schumer, D-N.Y., the top Senate Democrat, said in a statement.
Yet finding someone who fits the mold Trump seems to be seeking in a Fed governor is problematic. "My biggest ally is the president", he said. "You know, but it is interesting to me, go back to what I just said, they think my ideas were so, you know, out of the box and so, you know, so wrong, why didn't they debate me on the economic ideas?", he said. On April 22, Trump tweeted that Herman Cain had asked him to withdraw his nomination. But Cain withdrew last week after coming under renewed scrutiny for allegations of sexual harassment and infidelity which first surfaced during the campaign.
More recently, he said Fed Chairman Jerome Powell should be fired after the central bank raised interest rates in December.
Beckworth has declined to comment.
In an interview Thursday with Bloomberg News, Moore said he will "do what the president wants me to do". Yet his candidacy immediately met widespread skepticism about whether he was qualified for a Fed board position and concerns about his background as a highly politicized commentator on economic issues.
Once an advocate for higher interest rates who anxious about runaway inflation, Moore now calls for low rates and, pointing to commodity prices, suggests the economy may be heading into deflation.
"The most important asset a central bank has is its reputation and credibility", Sohn said. 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.
"He wouldn't be a good friend of mine if he didn't (respect women)", said Betsy Hart, who worked with Moore at the conservative Heritage Foundation and has socialized with him regularly since then.
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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