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Chuck Schumer says Stephen Moore, Herman Cain would not be good fit for Fed's mission

Key Points
  • "I don't see the qualifications of Cain or Moore fitting in with the mission of the Fed, which is to conduct monetary policy and not be political," Sen. Chuck Schumer said.
  • President Donald Trump nominated Herman Cain and Stephen Moore for seats on the Federal Reserve's board earlier this year.
Senate Minority Leader Chuck Schumer (D-NY) on Capitol Hill in Washington, D.C., March 27, 2019.
Joshua Roberts | Reuters

Sen. Chuck Schumer told reporters Tuesday that he did not think Stephen Moore or Hermain Cain are qualified for seats on the Federal Reserve board.

The two men are Trump's picks to join the U.S. central bank. But Schumer, the top Democrat in the Senate, said he doesn't see Cain and Moore "fitting in with the mission of the Fed, which is to conduct monetary policy and not be political."

Trump nominated Cain, a former presidential candidate and pizza CEO, in early April and Moore, an economic commentator, in late March to the seven-member board. A top congressional Democrat echoed Schumer's sentiments earlier Tuesday.

"Mr. Moore is superbly underqualified for the role for which he has been nominated," wrote Rep. Carolyn Maloney, vice chair of the Joint Economic Committee, in a letter to Republican Sen. Mike Crapo and Democratic Sen. Sherrod Brown, the chair and vice chair, respectively, of the Senate banking committee.

Cain has experience in central banking, having served in several positions at the Kansas City Fed from 1989 to 1996 before moving into politics. Moore, a former campaign advisor, is a visiting fellow at the Heritage Foundation and served on the Wall Street Journal's editorial board.

Senate Majority Leader Mitch McConnell said earlier the chamber would consider whoever Trump picks for those roles.

"We're going to look at whoever the president sends up, it's his choice to decide, and once he makes a nomination, we'll take a look at it," the Republican senator said.

A CNBC Fed Survey released Monday revealed that the majority of respondents in the survey didn't believe the Senate should confirm either of the men. Sixty percent said the Senate should not confirm Moore. Fifty-three percent of respondents also called for the Senate to reject the prospective nomination of Cain.

— Reuters contributed to this report.