International Monetary Fund warns of 'dangerous' results as Trump criticises Fed

House Speaker Nancy Pelosi speaks in her office at the Capitol in Washington on Wednesday

National Economic Council Director Larry Kudlow said Thursday morning that the Federal Bureau of Investigation was conducting a background check on Cain and that he was still the White House's pick, "at the moment".

President Donald Trump is considering nominating Herman Cain, a political director and former presidential candidate, for a seat to the Federal Reserve board, according to news reports.

Three GOP senators - the Lisa Murkowski of Alaska, Utah's Mitt Romney and North Dakota's Kevin Cramer - told The Associated Press they would probably vote against Cain.

Some argue that the only impact Trump is having on the Fed is to make the central bank more likely to hike since the Fed doesn't want to appear to have lost its independence from politics. And last week Trump told Reuters that Powell is a "good man" who is "trying to do what he thinks is best", one of the more complimentary statements he's made about the Fed chair in months.

Senate Majority Leader Mitch McConnell told members during a private lunch on Tuesday to share their concerns with the White House sooner rather than later, before Trump officially nominates Cain. Cain's bid for the White House in 2012 came to a halt after two women claimed Cain sexually harassed them when they worked for the National Restaurant Association, where Cain was president and CEO.

On Facebook earlier this week, Cain said the reason he was under attack as a nominee is because he is a conservative.

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Kane could recover in time for Nations League finals
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Moore also said he would not be the first member of the board with close ties to a sitting president, referencing former Chairman Ben Bernanke, who served as chief economist to President George W. Bush. Trump has repeatedly berated the Fed chairman, Jerome Powell, demanding the Fed lower interest rates to boost the economy. "You go through the process, but Herman's a great guy and I hope he does well".

Trump, who picked Powell as Fed chairman, has criticized the Federal Reserve's rate increases as it tried to gradually move them to a level that neither brakes nor stimulates growth. The IMF supports the Fed's stance on monetary policy, Mr Adrian said.

Neither nomination has been formally sent to the Senate but Trump has said he will put their names forward.

But he stressed that the White House needs to consider two factors in its nominations: the individual's background check, as well as his or her prospects of getting confirmed in the Senate.

Trump has announced Cain and former campaign adviser Moore as his choices to fill two open Fed seats, but hasn't taken the formal step of issuing a nomination.

But he has already garnered support among a number of leading GOP senators, including those who are no on Cain.

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