The president has failed to arrest rising gasoline prices and install loyalists on the Federal Reserve Board.
By Damian Paletta and Damian Paletta Reporter covering economic policy Email Bio Follow Steven Mufson Steven Mufson Reporter covering the business of climate change Email Bio Follow May 2 at 5:57 PM Mounting GOP opposition torpedoed conservative commentator Stephen Moore’s candidacy as a Federal Reserve Board governor Thursday, the latest in a string of setbacks that reveal hardening limitations on President Trump’s attempts to intervene in the economy.
In recent days, Moore had attempted to distance himself from many of his past statements, and as recently as Thursday morning, he had insisted he was not withdrawing from consideration. In April, Trump loyalist Herman Cain announced he was also withdrawing from consideration for a spot on the Fed board following bipartisan blowback.
Trump has told advisers he believes the economy’s strength will be key to his reelection next year, and he has taken a hands-on approach to try to juice hiring and growth ahead of November 2020. “We do think our policy stance is appropriate right now,” he said at the conclusion of the Fed’s two-day policy meeting.
On Saturday, though, his description of relations with Saudi leaders was less sanguine during a speech in Wisconsin. “I have told my colleagues at OPEC that you must leave your passports home when coming to this organization,” Barkindo said, according to several news reports. Trump has tried to assure people that tighter sanctions would not have any effect on U.S. gasoline prices, but concern about what could happen has come up at several White House meetings, according to a person briefed on the discussions who spoke on the condition of anonymity because they weren’t authorized to disclose internal conversations.
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