Stephen Moore Withdraws From Consideration For Federal Reserve Board

Another one bites the dust. And another one gone, and another one gone, another one bites the dust.

Stephen Moore, the conservative economist and television pundit who had been named by President Trump for a seat on the Federal Reserve Board, has removed his name from contention for the nomination:

President Donald Trump announced Thursday that conservative commentator Stephen Moore has withdrawn as a candidate for the Federal Reserve, a stinging blow to the president’s efforts to install political loyalists at the central bank.

“Steve Moore, a great pro-growth economist and a truly fine person, has decided to withdraw from the Fed process,” Trump tweeted. “Steve won the battle of ideas including Tax Cuts…and deregulation which have produced non-inflationary prosperity for all Americans. I’ve asked Steve to work with me toward future economic growth in our Country.”

Another Fed pick, Herman Cain, also withdrew from consideration recently. The president had declared both men to be his preferred choices for the Fed even before the White House and the FBI had completed vetting them, but both faced stiff opposition from Republicans in the Senate.

Moore, who like Cain was never formally nominated, is withdrawing after a chorus of GOP senators expressed doubt that he would be able to secure enough votes to be confirmed, given his past comments that demeaned women. Sen. Joni Ernst (R-Iowa), a member of the GOP leadership, raised the most emphatic criticism, calling some of his previous writings “ridiculous.”

Senate Republicans were told that Moore would be pulled on Thursday morning, one senator said.

Trump’s selection of two overt political allies had set off alarms among lawmakers that they would erode the Fed’s political independence by focusing on the president’s reelection prospects rather than on what’s best for the long-term health of the economy. Moore has consistently defended the president on TV and in his writings, and Cain formed a super PAC last year to promote Trump’s agenda.

That concern was stoked, in part, by Trump’s relentless attacks on Fed Chairman Jerome Powell and the central bank since last July for pursuing a campaign of interest rate hikes, a policy that has been all but abandoned.

But both Moore and Cain stepped down mainly because of issues with women; Cain has been accused of sexual harassment in the past, and Moore has written disparagingly of women.

Here are Trump’s tweets on the announcement:

Moore, of course, was one of two controversial nominations to the Federal Reserve that President Trump made in March to much criticism. The other, of course, was former Godfather’s Pizza CEO and Republican Presidential candidate Herman Cain, who withdrew his own nomination last week after weeks of controversy that resulted in at least four Republican Senators saying that they would vote against him on the House floor.

In Moore’s case, there was also controversy resulting from the revelation that he owed at least $300,000 in taxes related to child support payments to his ex-wife and the fact that many of the views he’d expressed about monetary policy in the past were decidedly out of the mainstream even in conservative circles. Things became worse for Moore in the last week or so when his history of controversial and insulting remarks about women became public knowledge. Unlike Cain’s nomination, though, there was not an immediate rejection of Moore on the part of Senate Republicans that we had seen in that case. Nonetheless, rumors circulated on Capitol Hill that several Republicans, including several of the GOP’s female Senators, were becoming skeptical about the ability of Moore to get through the Senate unscathed. This was especially true given his history of becoming combative under questioning, something that arguably would not go over well at a confirmation hearing.

The news of Moore’s withdrawal came hours after The Wall Street Journal and Bloomberg published stories in which Moore was quoted as saying that he was not withdrawing and that he had the President’s full support. Obviously, that was not true. The White House has yet to name a replacement nominee for Cain, but they will now be required to name a second one to replace Moore. If they know what’s good for them they’ll find candidates who are actually qualified for the respective positions rather than political hacks. I’ll leave it to the readers to determine how likely that is.

FILED UNDER: Donald Trump, Economics and Business, Politicians, US Politics
Doug Mataconis
About Doug Mataconis
Doug holds a B.A. in Political Science from Rutgers University and J.D. from George Mason University School of Law. He joined the staff of OTB in May 2010. Before joining OTB, he wrote at Below The BeltwayThe Liberty Papers, and United Liberty Follow Doug on Twitter | Facebook

Comments

  1. OzarkHillbilly says:

    weeks of controversy that resulted in at least four Republican Senators saying that they would vote against him on the House floor.

    Heh.

  2. Daryl and his brother Darryl says:

    Dennison:

    Steve won the battle of ideas including Tax Cuts…and deregulation which have produced non-inflationary prosperity for all Americans.

    Um…check the deficit, Dipshit.

  3. Sleeping Dog says:

    which Moore was quoted as saying that he was not withdrawing

    Saw those headlines about an hour ago so seeing this post was a pleasant surprise.

    Perhaps we are seeing a line that senate repugs won’t cross. It is a faded one though, a nominee needs to be blatantly unqualified and a misogynist. Can’t tell yet if only one condition is met, whether the repugs would roll over.

  4. OzarkHillbilly says:

    @Sleeping Dog:

    Can’t tell yet if only one condition is met, whether the repugs would roll over.

    trump crossed all the lines (except murder) (that we know of) and they voted for him lock, stock, and barrel. I’m just surprised that the double standard works for trump but doesn’t seem to for those lower in the GOP echelon.

  5. Teve says:

    @Sleeping Dog: he was maximally incompetent, and morally offencive, but also the business community probably didn’t want him contributing to important decisions for 14 years, and also the Trump Chumps didn’t seem very enthused, probably because they couldn’t see any immediate connection to hurting brown people.

    ETA: seriously, Nokia voice-rec software? “Offencive”? WTF.

  6. Kathy says:

    Well, I was wrong. Moore’s not a complete idiot. A complete idiot would have fought tooth and nail for the job.

    I fear even Dennison will be hard pressed to find another suitable candidate with the requisite mix of ass-kissing, complete idiocy, near-complete absence of qualifications for the position, and ass-kissing.

  7. Kit says:

    @Sleeping Dog:

    Perhaps we are seeing a line that senate repugs won’t cross.

    Exactly: money! The people who really call the shots can tolerate the side-show BS, but they expect competence when real money is on the line.

  8. dazedandconfused says:

    An examination of the history of the legal term “high crimes and misdemeanors”.

    https://www.lawliberty.org/2018/08/08/the-original-meaning-of-high-crimes-and-misdemeanors-part-1/

    Struck me that appointing unqualified people to high office qualifies as “mal-administration”.

  9. Moosebreath says:

    @Kathy:

    “Well, I was wrong. Moore’s not a complete idiot. A complete idiot would have fought tooth and nail for the job.”

    So that makes him an incomplete idiot. Works for me.

  10. Tyrell says:

    I will withhold commentary on the Federal Reserve labyrinth until I do more research.

    2
    2
  11. de stijl says:

    I predict whatshisname, that perpetually peeved and cranky fella from Fox Business is up next the dude who used to be on CNBC – Lou Dobbs, I think. (Googles) Yep that’s the guy.

    Either that or Maria Bartiromo.

    Joey Ramone had a shitty solo album with a super creepy song about Maria Bartiromo called, conveniently, Maria Bartiromo

    I’m not even going to paste the link. It sucks and it is kinda very sad. It is not worth your time. Joey, baby… you botched the landing. Should not have gone out that way.

    Not a fan of Concrete Blonde or Joey and the mega melodrama and the super obvious pulling on the ole heart strings, but Johnette Napolitano can really sing. And she belts really well – she does the hiccup pause. Plus she plays bass.

    https://youtu.be/OdpTcvSn8HQ
    (This video seems like it is the cheesy set-up from a ’90’s adult video. The sexy fun times happen in the next scene where Joey bangs the waitress.)

    Here’s a way better platform for Napolitano where she hooked up with Paul Westerberg:
    The Replacements / My Little Problem off All Shook Down (basically the first Westerberg solo album in all but name)
    https://youtu.be/gj4QVKVKpPs

    A long time back I floated a theory that Trump is basically trying to recreate a real live Fox News in his basement with his hires.

    I used the Seinfeld episode where Kramer discovers the old Merv Griffin Show set in a dumpster and brings it home as the framing device. Totally gonna happen.

  12. de stijl says:

    Today I learned that John Cale is the viola player on Sadly Beautiful. I never knew that. That’s really cool.

    The Replacements / Sadly Beautiful
    https://youtu.be/RxqmJzrqeuA?list=RDRxqmJzrqeuA

  13. Tyrell says:

    @de stijl: Have you seen the new “Me” (Taylor Swift) video?

  14. An Interested Party says:

    I will withhold commentary…

    That’s probably for the best…

  15. wr says:

    @de stijl: “Not a fan of Concrete Blonde or Joey and the mega melodrama and the super obvious pulling on the ole heart strings, but Johnette Napolitano can really sing. And she belts really well – she does the hiccup pause. Plus she plays bass.”

    I knew her many years ago when she was the no-bullshit assistant to a low rent producer for whom I was writing a very low rent movie — one of my very first writing jobs.

  16. The abyss that is the soul of cracker says:

    @Tyrell: Translated from Tyrellese: “I tried to find something that I could whine and fulminate about, but I got nuthin. Acres and acres of it. More than Trump, even.”

  17. de stijl says:

    @wr:

    Before, during, or after Concrete Blonde?

  18. de stijl says:

    The drummer on Joey is clearly wearing a black mock turtleneck and we’ve chosen to ignore that. Plus, he looks exactly like Encino Man era Sean Astin.

    Ach! Best character actor bit is when Erick Avari freaks “No wheezing the joo ooce.”

  19. de stijl says:

    @Tyrell:

    Have you seen the new “Me” (Taylor Swift) video?

    Yes.

  20. wr says:

    @de stijl: Before. They were still called “Dream 6” at the time, if my memory is correct, and they definitely weren’t making any money yet…