A Fed appointment can be not a ‘political prize,’ says JP Morgan’s Frenkel

On Thursday, which appeared Cain’s nomination was doomed after Republican Sen. Kevin Cramer of North Dakota became the fourth member of his party’s caucus to say he’d vote against the former pizza executive. which wouldn’t leave Cain with enough votes to be confirmed, unless Democrats crossed the aisle to support him.

However, prominent Democrats have come out against the potential nominees. House Speaker Nancy Pelosi of California called Cain in addition to also also Moore “the worst, ill-suited appointments which the president could come up with.”

“The Fed should be determining the rates, not any politicians,” Pelosi said. “which can be a dangerous thing for an economy, when a central bank of the country has political influence. which’s wrong.”

Frenkel likened the Fed to another profession where knowledge can be key.

“You could not give the license to fly an airplane just to a friend, you could need him to be professional,” he said. “in addition to also also let me tell you, the economy can be a very large complex airplane.”

— CNBC’s Christina Wilkie, Karen James Sloan in addition to also also Ylan Mui contributed to which report.