Trump may nominate Cain to Fed board
WASHINGTON – President Trump plans to nominate former GOP presidential candidate Herman Cain to the Federal Reserve’s board of governors, two people familiar with the push said, a move that would significantly escalate the White House’s effort to exert political pressure on the U.S. central bank.
There are two empty seats on the Fed’s seven-member board. Trump is hoping to fill the other empty seat with conservative economist Stephen Moore, a pick that has led to an outcry from former White House officials in both parties because of Moore’s political background and lack of Fed-related experience.
Trump interviewed Cain for the slot several weeks ago. He has signaled to aides in recent days that he wants to put Cain in the slot, but a final decision has not been made because Cain’s background check hasn’t been completed.
Cain ran for president in 2012 but lost during the Republican primary. A former restaurant industry executive, he became famous for a simplified tax plan, known as Nine-Nine-Nine. His candidacy unraveled over complaints that he sexually harassed multiple women. Cain has denied the accusations.