Trump said in a tweet that Moore, a conservative commentator and economist, 'has decided to withdraw from the Fed process.”
Stephen Moore, a conservative commentator and advisor to President Trump, has withdrawn from consideration for a seat on the Federal Reserve board.
Moore’s economic ideas have come under attack for being malleable and politically motivated. And his personal reputation took a hit after reports, based on court records, that he had failed to pay alimony and child support, and that he had a $75,000 tax lien against him. There are two open seats on the board of the Fed, which plays a critical role in steering the economy largely by setting targets on key interest rates. Trump’s selection of Moore and Cain was seen by many as an attempt to install yes-men to the central bank ahead of next year’s election.. Some economists have argued that Moore lacks the qualifications to be on the Fed board.
In his columns, Moore complained about equal pay for equal work and denigrated women’s involvement in sports, proposing in one article that female referees be banned from college basketball tournament games. “If it comes down to things I wrote 18 years ago that were impolitic that I’ve apologized for, that were, you know, insulting, then I’m in trouble,” he said Tuesday on CNBC.Moore’s prospective appointment was all the more troubling because of his controversial views on women at a time when many have sought greater female representation at the traditionally male-dominated Fed and professions like economics.
Trump sought to appoint Moore and Cain as he has become increasingly frustrated with the Fed. The president has repeatedly, claiming that economic growth and stock markets would be much higher today had the Fed not done so.
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