WASHINGTON – Vice President Mike Pence urged the Federal Reserve on Friday to consider lowering interest rates, a day after one of President Donald Trump’s controversial picks for a seat on the central bank’s board withdrew from consideration.
Appearing on CNBC, Pence echoed Trump’s call for lower interest rates.
“I think it might be time for us to consider lowering interest rates,” Pence said. “We just don’t see any inflation in this economy at all.”
The Trump administration has two vacancies on the Fed’s seven-member board following Thursday’s decision by economic writer Stephen Moore to take his name out of the running for one of the positions.
Moore withdrew amid an uproar over some of his writings, which disparaged women in sports and the workplace.
Moore’s decision to pull out came a little more than a week after another Trump pick, former Republican presidential candidate Herman Cain, removed his name from consideration for a Fed seat because of GOP opposition in the Senate.
Pence’s remarks on the Fed came just hours after the Labor Department released figures showing that employers added 263,000 new jobs in April and that unemployment rate fell to 3.6%, a 49-year low.
The withdrawal of Moore and Cain dealt a serious blow to Trump’s attempts to reshape the Federal Reserve, which he has argued is too eager to raise interest rates and acts like a “golfer who can’t score.”
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Trump is looking to bring “fresh ideas” to the Fed board, Pence said.
“What the president’s really looking for is people that understand the dynamic approach to this economy that he’s been putting into practice,” he said.
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