Senator Predicts Cain's Nomination Will Be Withdrawn

House Speaker Nancy Pelosi speaks in her office at the Capitol in Washington on Wednesday

National Economic Council Director Larry Kudlow said Thursday morning that the Federal Bureau of Investigation was conducting a background check on Cain and that he was still the White House's pick, "at the moment".

A swift defection of at least four Senate Republicans has all but doomed Herman Cain's chances of winning a seat on the Federal Reserve's board of governors, a striking rebuke to President Trump in his drive to remake the powerful USA central bank. The same senator noted that with all 47 Democrats expected to oppose Cain and four Republicans announcing against him, "there doesn't seem to be a path to confirmation for him".

"Herman is, you know, he's already sat on one of the Fed Boards", Trump said Tuesday.

At the White House on Thursday, Trump didn't respond to a question about Cain at an Oval Office meeting about veterans.

Cain, former CEO of Godfather's Pizza, ran for the 2012 Republican presidential nomination. The PAC's website says it was founded by "a group of President Trump's most committed supporters to fight this vile and uncalled for propaganda".

Earlier in the day, New York Representative Hakeem Jeffries, a member of the Democratic House leadership, said that there's "general concern" in the party about whether Trump understands the need for Fed the independence and whether president is trying to pressure the central bank for lower interest rates ahead of the 2020 election.

At the time, Cain said the allegations were false but acknowledged that he'd "made mistakes" in his life.

Cain served in a variety of Federal Reserve roles in Kansas City between 1989 and 1996.

He can complain publicly, as Trump has done routinely, breaking a roughly 25-year span of presidents generally not commenting on Fed policy.

Senate Majority Leader Mitch McConnell on Thursday declined to comment about whether he would personally support the nomination of either Cain or Trump's other pick, Stephen Moore, saying neither of Trump's choices has been formally sent to the Senate.

On Thursday, White House economist Kevin Hassett praised Cain.

More likely than not, though, Cain's proto-nomination is toast; there are late-breaking reports that he will withdraw his candidacy for the post, relieving the president of the responsibility for pulling the plug. Cain hasn't been officially nominated, but President Donald Trump has said that he would nominate both Cain and Stephen Moore, a former Trump campaign adviser, to fill two empty seats on the Fed board.

"I just don't think of it", said Mary Daly, president of the San Francisco Fed, in an appearance last week on PBS NewsHour.

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