Trump considering Cain for Federal Reserve

WASHINGTON — President Donald Trump is considering whether to appoint former GOP presidential candidate Herman Cain for a spot on the Federal Reserve’s board, two people familiar with the process said, a reflection of the less-formalized vetting process at the White House for top posts.

Cain, a former pizza industry executive and radio talk show host, ran for president in 2012 but lost in the Republican primary to Mitt Romney.

Trump met with Cain about the position on Wednesday, two people familiar with the meeting said.

Asked for comment on whether he is being considered for the post in an interview, Cain jokingly made a play on his famous “NineNine-Nine” tax proposal and said “None-None-None.”

Bloomberg News first reported that Cain was under consideration.

It isn’t clear whether Trump is close to picking Cain for the spot. A number of outside advisers have floated names for people they want Trump to consider.

Two of the seats on the Fed’s seven-member board are vacant. Trump has already nominated two people for the slots, but former senior Fed official Nellie Liang recently withdrew from consideration.

Trump spent much of last year criticizing the Fed and its chairman, Jerome Powell, for taking steps to raise interest rates. Trump said the Fed was damaging economic growth by making it too expensive for companies to borrow money. The Fed has recently paused this approach in the face of new economic head winds.

Cain served on the board of the Federal Reserve Bank of Kansas City. Those posts are often given to business executives and community leaders who serve to inform top Fed officials about what they are seeing in the labor market and economy more broadly.

Cain ended his radio show on News 95.5 and AM 750 WSB last year. WSB and The Atlanta Journal-Constitution are both part of Cox Media Group.

Herman Cain ran for president in 2012, but lost in the Republican primary.