President Trump is struggling to win his fight to reshape the Federal Reserve with Republicans rebelling over a potential nominee and the bank's chairman resisting calls to cut interest rates.
The independent central bank has long been a popular target for the president who has hammered it over its policies. But despite Trump's persistent criticism, his efforts to shake up the bank and influence its decisions have fallen short.
Four Republican senators this week announced they would reject Herman Cain if Trump appointed him to the Federal Reserve's Board of Governors, a move the president floated last week. Cain is now reportedly weighing withdrawing his name from consideration.
It's only the latest blow to Trump, marking the third time his own party has derailed one of his picks for the central bank.
Trump is also seeing push back from Fed Chairman Jerome Powell, who is increasingly defending the bank's independence in public.
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04.23.2024