"Steve Moore, a great pro-growth economist and a truly fine person, has decided to withdraw from the Fed process. Steve won the battle of ideas including Tax Cuts and deregulation which have produced non-inflationary prosperity for all Americans. I've asked Steve to work with me toward future economic growth in our Country," Trump wrote.
Earlier Thursday, CNN reported that conversations were underway in the White House over how to proceed with the bid, according to one official, who said a decision on whether to move forward would likely have to be made by week's end.
Moore, a former Trump campaign adviser, was a controversial pick from the start for the normally staid and apolitical Fed, which is responsible for setting interest rate policy for the US economy. But Republican senators had in recent days expressed growing doubts amid revelations about decades' worth of disparaging comments Moore has made about women , extensively reported on by CNN's KFILE .
Moore is Trump's second Fed pick to withdraw in the past few weeks.
In April, former restaurant executive Herman Cain dropped out,
citing the pay cut
, amid the revival of sexual harassment allegations that ended his 2012 White House bid.