Trump says he is recommending Herman Cain for Fed board

Trump says he is recommending Herman Cain for Fed board

President Donald Trump wants to appoint 2012 presidential candidate Herman Cain to a position on the Federal Reserve Board, two senior administration officials told Axios.

Trump himself used to understand the bubbly dangers of constant low-interest rate policy from the Fed, as did Cain, who used to love the gold standard for its very power to keep short-term political priorities out of our money.

Mr. Trump also announced last week he plans to nominate conservative economic analyst Stephen Moore to the Federal Reserve Board for the other open seat on the seven-member board.

Thursday's Axios report said Cain's name has been in circulation since at least January when Bloomberg reported that Trump had Cain atop the list of candidates to fill one of two vacancies at the Fed.

Cain ran for the 2012 Republican presidential nomination but dropped out in late 2011 after allegations he engaged in sexual harassment when he led the National Restaurant Association in the 1990s. In a 2012 Wall Street Journal column, Cain argued that the Fed's policies had manipulated the value of the dollar. Utah GOP Sen. Mitt Romney, who competed against Cain for the Republican nomination and ultimately won the GOP nod, seemed to scoff at the idea that Cain would be Mr. Trump's pick. Asked if he was sending any signal to the Fed by putting up Mr Cain and Mr Moore, the President said "none whatsoever".

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Trump suggested those old claims would not disqualify Cain from a Fed post. He did not respond to a request for comment. He's a highly respected man. Before leaving the race, Cain had put forward a "9-9-9" tax plan that called for replacing the current tax system with a flat 9 percent business and individual income tax, and a 9 percent sales tax. Mr. Moore blames those increases for a drop in commodity prices at the end of a year ago.

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.

This year the Fed has signalled a pause amid signs the global economy is slowing, with policymakers expecting they will not raise rates at all in 2019.

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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