Published: Sun, April 07, 2019
Markets | By Erika Turner

Trump reportedly set to nominate Herman Cain to Fed board

Trump reportedly set to nominate Herman Cain to Fed 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 ignited criticism that he is unqualified and too politically minded to serve on the board of the world's most influential central bank.

Why it matters: It's likely confirmation that Trump is ready to move ahead with the former presidential candidate, whose possible nomination was reported by Bloomberg in January.

Mr Cain is the former chief executive of Godfather's Pizza who also served a spell as chairman of the Kansas City Federal Bank.

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

Mr Cain is also remembered for his 9-9-9 tax reform plan during the 2012 White House bid and this viral campaign video by an adviser.

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. Asked if he was sending any signal to the Fed by putting up Mr Cain and Mr Moore, the President said "none whatsoever".

There are now two vacancies on the seven-member Fed Board.

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First of all, the gold standard is never going to happen.

Cain called the allegations false but said he had "made mistakes in my life".

During his 2012 presidential campaign, Cain famously touted an economic plan, the "9-9-9 Plan", which would have replaced the USA tax system with a flat 9 percent business, income and national sales tax.

"I find Herman to be an outstanding person", he added. He's a highly respected man. In addition to choosing Powell for the chairmanship, Trump has nominated all the current Fed board members with the exception of Lael Brainard, who was nominated by Barack Obama. He did not respond to a request for comment.

In recent public writings and private meetings with Mr. Trump, Mr. Moore has pushed for the Fed to reverse at least two of the four interest rate increases that it approved past year. She joined the Fed last year, taking over a term that will end next year.

Expectations are mounting among investors that the Fed could even cut its benchmark lending rates.

"Despite the unnecessary and destructive actions taken by the Fed, the economy is looking very strong", Mr Trump tweeted.

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