The move is meant to counter what it sees as threats to the U.S. economy.
The director of the National Economic Council says the freshman lawmaker "kind of nailed" her questions to Fed chair Jerome Powell.
Three GOP senators — Utah’s Mitt Romney, Alaska’s Lisa Murkowski and North Dakota’s Kevin Cramer — told AP they’d likely vote against Cain.
The president has frequently criticized the Fed’s raising of interest rates this year.
The president reportedly asked his advisers whether he could give Powell the boot in response to a stock market slump.
Trump caps off a year of disempowering women by replacing the (very successful) female Fed chair with a less qualified man.
With this choice, the president opted against a radical break with the status quo.