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Trump pick Stephen Moore drops out of Federal Reserve race

May 3, 2019 5:10 am

Another of Donald Trump’s picks for a seat on the Federal Reserve has dropped out of the running following fierce criticism of his views.

The US president tweeted that Stephen Moore, “a great pro-growth economist and a truly fine person, has decided to withdraw from the Fed process”.

It follows weeks of attacks on his changing opinions on monetary policy and sexist comments about women.

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Another Trump pick, Herman Cain, withdrew from consideration in April.

Mr Trump had asked Mr Moore, 59, to fill one of two vacant positions on the central bank’s seven-member board, but had not formally nominated him.

But some lawmakers feared the conservative pundit, a Trump loyalist who supported tax cuts, would threaten the Fed’s independence.

There were also concerns about his views on interest-rate policy, given as recently as September 2015 he called for eliminating the US central bank.

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