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Reports: Trump To Nominate Herman Cain To Fed Board

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Reports: Trump To Nominate Herman Cain To Fed Board

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

Posted-In: Axios President Donald Trump The Washington PostNews Rumors Federal Reserve Media Best of Benzinga

 

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