Trump considering picking Herman Cain for Fed board

Jeannie Matthews
April 7, 2019

"President Donald Trump said Herman Cain, the former pizza company executive who ran for the 2012 Republican presidential nomination, is being vetted for a seat on the Federal Reserve Board".

Axios reported that Trump has "told confidants" that he wants Cain on the Fed, pending a background check.

Mr. Trump also announced last week he plans to nominate conservative economic analyst Stephen Moore to the Federal Reserve Board for the other open seat on the seven-member board.

The nominations are highly controversial, but if he were successful, Mr Trump would not be the first to appoint political allies to the Fed board.

Axios also earlier reported Trump has decided to choose Cain to fill one of two vacancies on the seven-member Fed board.

Cain made his fortune as chief executive of Godfather's Pizza before launching a bid for the Republican presidential nomination in 2012.

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In a 2012 Wall Street Journal column, Cain said that the Fed's policies manipulated the value of the dollar.

Cain, who had a long corporate career, has also worked in the Federal Reserve system.

Cain ran against former House Speaker Newt Gingrich and others in the 2012 GOP presidential primary but ultimately lost to former Massachusetts Gov. Mitt Romney, now a US senator representing Utah. In addition to selecting Powell for the top job, Trump has nominated all the current Fed board members with the exception of Lael Brainard, who was nominated by Barack Obama. An Atlanta woman said she had had an extramarital affair with Cain for more than 13 years. During his 2011 presidential campaign, he advocated a return to the gold standard, and put forward his "9-9-9" proposal, in which he suggested replacing all taxes with a flat tax of 9 per cent on business and incomes alongside a 9 per cent national sales tax. Moore told the New York Times earlier this week that "it's full speed ahead" and said that the White House was "100%" behind him.

The Fed approved four interest rate hikes in 2018, continuing a move toward policy normalization that began in 2015. Mr. Moore blames those increases for a drop in commodity prices at the end of past year.

In a tweet Thursday, Trump said the economy was looking very strong "despite the unnecessary and destructive actions taken by the Fed".

Last month, Powell said the Fed would pause planned rate increases because the USA economy was slowing - and could continue to slow in part due to a prolonged Trump trade war with China.

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