Stephen Moore Withdraws Bid for Fed Board Amid Controversy

By Spencer Feingold

Amid growing controversy, Stephen Moore withdrew his nomination to serve on the Federal Reserve Board of Governors, just hours after saying he was “all in” on the central bank position.

President Trump said Moore “has decided to withdraw from the Fed process” in a tweet Tuesday afternoon. “I’ve asked Steve to work with me toward future economic growth in our Country,” Trump wrote, adding that Moore is a “great pro-growth economist and a truly fine person.”

Moore — a well-known conservative pundit and TV commentator — came under fire in recent weeks for past writings and comments degrading to women.

“I am respectfully asking that you withdraw my name from consideration. The unrelenting attacks on my character have become untenable for me and my family and 3 more months of this would be too hard on us," Moore wrote in a letter to Trump.

Just hours earlier, Moore expressed confidence in his nomination and said that Trump is his "biggest ally" and "full speed ahead.”

“If we can steer the discussion things I wrote 20, 25 years ago and more toward what I believe in terms of the economy, Fed policy, and how to create growth and stable prices, I think I’m going to win a big majority,” Moore told Bloomberg.

In 2014, for example, Moore wrote that women earning more than men “could be disruptive to family stability.” The history of controversial statements led Moore to lose the support of several Senate Republicans.

Sen. Lindsey Graham (R-S.C.), a staunch Trump ally, told reporters on Tuesday that Moore was “very problematic nomination.” Among others, Sen. Joni Ernst (R-Iowa) also publicly stated she would vote against Moore.

Moore was also criticized for being held in contempt of court in 2012 for failing to pay over $300,000 to his ex-wife for child support and alimony.

The withdrawal comes less than two weeks after another Trump pick for the Fed, Herman Cain, withdrew his nomination amid past allegations of sexual harassment and qualification concerns.

President Trump tapped Moore for the Fed position on March 22. Moore had advised Trump on the Republican 2017 tax cuts and recently co-authored a book, “Trumponomics: Inside the America First Plan to Revive Our Economy,” supporting the administration's economic policies.

close
We use cookies and similar technologies on this site to collect identifiers, such as IP address, and cookie and device IDs as described in our Privacy Policy.