Trump picks former presidential candidate Cain for Fed board

Reports: Trump Considering Herman Cain For Fed Board

Reports: Trump Considering Herman Cain For Fed Board

Axios reported earlier Thursday that Trump was expected to announce his selection of Cain as soon as a background check was completed.

"He's a very terrific man, a terrific person", Trump said. He's a friend of mine.

The choice of Cain would mark the second nomination to elevate a Trump ally with deep roots in conservative politics to the Fed's main policy-making body, a panel that the president has sharply criticized in recent months as insufficiently committed to low interest rates. He's doing some pre-checking now and I would imagine he would be in great shape.

"I find Herman to be an outstanding person", he added. "He's somebody that gets it, and I hope everything goes well - but Herman Cain is a very good guy".

The former CEO of Godfather's Pizza, who turned the company into a top pizza franchise, is an ardent supporter of the president, launching a pro-Trump super PAC, America Fighting Back PAC in 2018. It features a photo of the president on its website and says, "We must protect Donald Trump and his agenda from impeachment". Cain from 1989-96 served in various capacities, including chairman of the board, with the Federal Reserve Bank of Kansas City, though Cain doubters argue such positions are more honorary for local business leaders than proving any monetary policy savvy. Mitt Romney, R-Utah, in the GOP presidential primary in 2012 but dropped out of the race after allegations emerged of sexual harassment and infidelity.

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.

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Prior to Cain and Moore, most Fed-watchers didn't see previous Trump appointees as just out to prop up the president's desire to sell positive economic performance to voters. Moore previously founded the Club for Growth and served as the chief economist of the Heritage Foundation.

In the 1970s, President Richard Nixon appointed the highly credentialed but politically aligned Arthur Burns as chairman of the Fed, with an apparent mandate to stimulate the economy via rate cuts ahead of a looming election.

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.

Trump has been a vocal and strident critic of Fed Chair Jerome Powell, whom the president picked two years ago for that post and whose interest rate hikes Trump has called mistakes that have hurt the economy. "But if it were a nomination, you can bet the interest rates he would be pushing for". Since January, the Fed has reversed course and now says it expects no further rates hikes this year.

However, Larry Kudlow, head of the president's National Economic Council, told reporters Wednesday that Trump is "fully behind" Moore's nomination.

At a New Hampshire campaign, he announced: "We need a leader, not a reader" - a line taken from The Simpsons Movie in which Arnold Schwarzenegger, playing a U.S. president, says: "I was elected to lead, not to read". I know him personally. "This town is a toxic town in some respects".

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