Herman Cain eyed to fill vacancy on Federal Reserve Board

Jermaine Castillo
April 7, 2019

U.S. President Donald Trump plans to nominate Herman Cain, a former fast-food executive and Republican presidential candidate, for a seat on the board of the Federal Reserve, Reuters reported on April 4, citing an administration official. "He's a very, terrific man, terrific person".

"I find Herman to be an outstanding person", he added.

More seriously, Mr Cain has also faced multiple sexual harassment allegations. On March 22, the president said he would nominate Stephen Moore, a conservative columnist and pundit, to fill one of those seats.

Since taking office, Trump has reshaped the seven-member board, nominating four members to its ranks, including Fed chairman Jerome Powell.

Bloomberg previously reported in January that Trump was considering nominating Cain, the former CEO of Godfather's Pizza, to the board.

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

In March, Trump has offered a Fed board seat to his former campaign adviser Stephen Moore, who recently published an opinion piece he co-authored on the Wall Street Journal, arguing that the Fed's tight-money policy is a threat to USA economic growth, which echoed the view of the president.

Cain's likely nomination drew criticism from Utah Republican Senator Mitt Romney. "If Herman Cain were on the Fed, you'd know the interest rate would soon be 9-9-9".

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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.

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"Perhaps the bigger issue is that Cain has said - repeatedly - that the United States should return to the gold standard", she writes. He's a highly respected man.

Trump's other nominees have held views more in line with traditional selections for the Fed board. Moore is also a longtime Trump ally who has joined him in criticizing last year's rate hikes.

But Trump has grown increasingly unhappy with the Fed decisions under Powell, especially after the stock market tumbled previous year as the central bank was hiking rates four times.

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.

Cain, whose Twitter feed continues to be chock full of partisan support for Trump and opposition to his Democratic rivals, did not respond to requests for comment.

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