Trump to tap ex-presidential candidate Cain for Fed seat

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Former Republican presidential candidate Herman Cain addresses the Americans for Prosperity Presidential Forum on February 25, 2012, in Troy, Mich. President Trump says he plans to nominate Cain to a vacant spot on the Federal Reserve Board.

The president's newest nominee to the central bank comes shortly after he announced he plans to nominate conservative commentator and former campaign advisor Stephen Moore to the Fed. Moore's nomination has encountered criticism that he is unqualified and too politically focused for a Fed board seat.

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

Cain, who sought the GOP presidential nomination in 2012, is the former CEO of Godfather's Pizza and was on the board Federal Reserve Bank of Kansas City as a director from 1992 to 1996, eventually becoming chairman.

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In a 2012 Wall Street Journal column, Cain said that the Fed's policies manipulated the value of the dollar. An Atlanta woman also said she had conducted an extramarital affair with Cain for more than 13 years.

President Trump wants to appoint Herman Cain, the former Republican presidential candidate, to the Federal Reserve board, but is waiting for the completion of his background check before making a formal announcement.

When Trump does eventually fill those two seats, six of the Board's seven members will be Trump appointees.

At the time, Cain said the allegations were incorrect but acknowledged "he had made mistakes in my life", according to Bloomberg. 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. I find Herman to be an outstanding person.

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Trump has repeatedly denounced the Fed leadership of Powell, whom he selected as chairman after deciding not to re-nominate Janet Yellen. Since January, the Fed has reversed course and now says it expects no further rates hikes this year.

"But if it were a nomination, you can bet [what] the interest rates he would be pushing for.If Herman Cain were on the Fed, you'd know the interest rate would soon be 9-9-9".

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

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