Apr 12, 2019

Herman Cain's Fed Board chances are tanking

Herman Cain stands outside of Trump Tower in 2011. Photo: Spencer Platt/Getty Images

Herman Cain's candidacy for the Federal Reserve's Board of Governors is collapsing.

The bottom line: President Trump hasn't even formally nominated him, but a growing number Republicans are privately saying he’ll be confirmed over their dead bodies.

Where it stands: Enough Republican senators — four — have said publicly that they don’t plan to vote for him, virtually dooming his nomination.

  • Republican Sens. Mitt Romney, Cory Gardner, Lisa Murkowski and Kevin Cramer have all said they would oppose Cain.

What they're saying: Senate Majority Leader Mitch McConnell had some blunt advice for Trump about possible nominees during a pen-and-pad session with reporters in his office yesterday.

  • "The White House ought to take into consideration obviously two things before making nominations: One is the background check ... and second is the possibility of being confirmed," McConnell said.
  • "Several of our members had strong feelings about people who have been mentioned in newspaper articles, and I think that should be helpful to the administration."

Between the lines: Asked if he was surprised that Trump was considering Cain, McConnell said with a laugh: "Surprised? On a daily basis ... not totally unusual."

Yes, but: Despite Cain's poor prospects, Director of the U.S. National Economic Council Larry Kudlow told Fox News yesterday that the White House still wants him.

Go deeper: 4 Republican senators oppose Herman Cain Fed nomination

Go deeper

Situational awareness

Photo: Brett Carlsen/Getty Images

Catch up on today's biggest news:

  1. Mike Bloomberg offers to release women from 3 NDAs
  2. Wells Fargo to pay $3 billion to settle consumer abuse charges
  3. Bloomberg campaign says Tennessee vandalism "echoes language" from Bernie supporters
  4. Scoop: New White House personnel chief tells Cabinet liaisons to target Never Trumpers
  5. Nearly half of Republicans support pardoning Roger Stone

Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.

Bloomberg offers to release women from 3 nondisclosure agreements

Mike Bloomberg. Photo: Brett Carlsen/Getty Images

Mike Bloomberg said Friday his company will release women identified to have signed three nondisclosure agreements so they can publicly discuss their allegations against him if they wish.

Why it matters, via Axios' Margaret Talev: Bloomberg’s shift in policy toward NDAs comes as he tries to stanch his loss of female support after the Las Vegas debate. It is an effort to separate the total number of harassment and culture complaints at the large company from those directed at him personally. That could reframe the criticism against him, but also protect the company from legal fallout if all past NDAs were placed in jeopardy.