Trump calls Federal Reserve to cut interest rates

Trump stands by controversial Fed pick Herman Cain

McConnell won't say if Senate would back Herman Cain for Fed

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.

"I do believe in the importance of an independent Fed", said Moore, a former CNN analyst. "I think that a gold standard will certainly be better than what we have right now", he reasoned. Unemployment is low and economic growth has picked up in the past year, but there are signs that the global economy is slowing down in a way that could affect US businesses and consumers. Another area of ambiguity is whether different standards apply to firing the chairman, who simultaneously holds a 14-year appointment as governor and a separate four-year term as chairman.

Current and former Fed officials have watched the criticism closely, aware that Trump is apt to attack someone he doesn't like and then move on to something else. I know him. I know his philosophy, I know his economic positions, I know his credentials, I know his heart, and I think he'd be a good addition to the Fed.

Central bank independence from short-term politics is seen as important to prevent influence that could lead to runaway debt, hyperinflation and financial instability.

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Moore has said recently he wanted to accommodate Trump's policies, that he feels the president's reelection was necessary for the country's economic success, and wants to do battle with what he calls "growth-phobiacs" at the Fed.

The president nominates members to the Fed's seven-member board of governors.

Kudlow reiterated on Thursday that he disagreed with the Fed's most recent interest rate hikes. The nominations must be approved by the Senate.

The Fed's Federal Open Market Committee, the body which sets interest rate policy, will announce its decision at 2 p.m. ET Wednesday.

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Still, the swift backlash to Trump's Fed picks has anxious some White House officials, concerned that Trump was picking unnecessary fights.

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

"So, I want to play something for you", she said. "That doesn't mean we can't express our opinions periodically".

Cain once ran Godfather's Pizza and served as chairman of the Federal Reserve Bank of Kansas City in the 1990s.

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He was interviewed on stage by Ohio Representative Joyce Beatty for a discussion on the economy with no news media in the room.

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