Cain, Moore nominations for Federal Reserve seats on track: Kudlow

A man rides a bike in front of the Federal Reserve Board building on Constitution Avenue in Washington US

A man rides a bike in front of the Federal Reserve Board building on Constitution Avenue in Washington US

Mr. Trump has been highly critical of his handpicked Fed chairman, Jerome Powell, after a series of interest rate increases and other actions past year that Mr. Trump feels have held back an economy that would be otherwise growing like a "rocket ship".

Mr Trump is banking on a strong economy as a chief selling point when he runs for re-election next year.

President Donald Trump "stands behind" Stephen Moore and Herman Cain, his picks for two open seats on the Federal Reserve Board, the top White House economic adviser said.

If nominated and approved, Moore and Cain would fill the two remaining vacancies on the Fed's seven-member board.

Mr Moore is an economic commentator with no previous experience with the Fed or its operations. "When it comes to nominees, most people that get nominated to the board, regardless of what party is in power, they tend to get nominated based on expertise, and they're largely on the fringe of politics", Barclays economist Michael Gapen told CNBC Saturday.

Kudlow said the USA would probably post first-quarter GDP growth of "2 percent-plus", knocked down partly by the lengthy federal government shutdown. Instead, there was "worry that the central bank is not taking account of a weak world economy, some financial tightening in the marketplace", and made monetary policy too restrictive.

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That idea "has been disproven for decades", he said.

Herman Cain, President Trump's newest candidate to join the Federal Reserve board, ruminated in a video posted to Facebook Friday evening about the potential nomination, cautioning about what he believed would likely be a lengthy and "cumbersome" vetting process. "More than I've ever seen", he responded, appearing to indicate that people make allegations in D.C. against important people, sometimes without reason or cause. "He wants people on the Fed who share his philosophy. It is an issue of how do you see the world".

Neither man has been formally nominated yet, and have still to undergo background checks.

Cain suspended his bid for the Republican nomination for president in 2011 after multiple women accused him of sexual harassment when he was head of the National Restaurant Association in the 1990s and one woman claimed she had a 13-year affair with Cain. He has denied the allegations.

Mr. Moore, meanwhile, has already been asked by Senate Democrats to produce information and documents about a US$75,000 lien that the Internal Revenue Service has filed against him for back taxes.

"So look, I'm not here to buck that independence", he said referring to the Fed.

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