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President Donald Trump reportedly plans to nominate former Republican presidential candidate and restaurant executive Herman Cain for a seat on the Federal Reserve Board.
Cain, 73, the former CEO of Godfather's Pizza, also is a former director of the Federal Reserve Bank of Kansas City.
If confirmed, Cain would fill one of two vacant seats on the monetary policy board. Trump plans to nominate economist and Heritage Foundation fellow Stephen Moore to the other.
The move to nominate Cain, reported first Thursday by Axios, would give Trump a political ally on the Fed, which the president has criticized vociferously over its interest rate moves.
Trump has also heavily criticized Jerome Powell, his own pick for Fed chair.
The Washington Post reported Thursday that Cain was interviewed for the post by Trump several weeks ago. Several news organizations reported that Trump has told people in Washington that he intends to nominate Cain.
Cain sought the 2012 Republican presidential nomination, but withdrew from the race in 2011 following allegations of sexual harassment stemming from his time as head of the National Restaurant Association in the 1990s. Cain denied the allegations.
Cain’s stint as a director of the Kansas City Fed from 1992 to 1996 included a term as chairman.
Monetary Policy Views
Cain implied in a Wall Street Journal interview earlier this year that he favors keeping interest rates low, rather than raising them as a reaction to possible inflation.
“I would try to encourage the Fed not to make inflation a fear factor because deflation … is more of a fear factor than inflation,” Cain said.
During his presidential campaign, Cain said he favored a return to the gold standard.
Related Links:
Kudlow Wants The Fed To Cut Interest Rates: 'We Don't Want To Threaten This Great Recovery'
Experts Weigh In On Cuts To Federal Reserve Growth Projections
Photo by Gage Skimdore/Wikimedia.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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