Trump to tap ex-presidential candidate Cain for Fed seat

Trump to tap ex-presidential candidate Cain for Fed seat

Trump to tap ex-presidential candidate Cain for Fed seat

Former Republican presidential candidate Herman Cain on reports President Trump is considering him for a position on the Federal Reserve Board and the outlook for Fed policy.

"He's a very terrific man, a terrific person", Trump said. "I think personally he'd be a great addition".

Cain, has had a successful business career in the food industry, serving as longtime CEO and chairman of Godfather's Pizza from 1986 until 2002 as well as CEO of the National Restaurant Association from 1996 to 1999.

The president last week said he plans to nominate Stephen Moore for a separate vacancy on the 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.

Bloomberg confirmed, citing three unnamed people "familiar with the matter", that Trump intends to nominate Cain to the the board.

The White House declined to comment, but Axios and the Wall Street Journal reported that Cain is being considered.

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"I have recommended Herman Cain", Trump told reporters in the Oval Office Thursday.

He advocated for the return to the gold standard during his presidential campaign and as recently as December 2017 defended higher interest rates, a position that contrasts with Trump's repeated criticisms of the Fed a year ago. The PAC's TV ads were also changed to remove Cain from them, Brown said. Mitt Romney is already publicly down on Cain and ambivalent about Moore, hoping for, as he told Politico, "someone.outside of the political economic leader not a partisan leader".

"With the 2020 election on the horizon, please become a Founding Member with America Fighting Back PAC by making a contribution of $25, $50, $100, $500, or even $1000 to help us take on all the D.C. forces out to get President Trump", the email said.

"Perhaps the bigger issue is that Cain has said - repeatedly - that the United States should return to the gold standard", she writes.

Asked if he had any concerns, Trump said: "None whatsoever". Those verbal public attacks have slowed as the Fed has signaled it will pause raising rates this year - a fact that Powell says has had no influence on how the central bank's interest rate setting decisions. 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.

"The Fed should reverse its disastrous rate hikes" of September and December.

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

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