Published: Sat, April 06, 2019
Markets | By Otis Pena

Trump says he's nominating Herman Cain to Fed

Trump says he's nominating Herman Cain to Fed

U.S. President Donald Trump plans to nominate former pizza chain executive and Republican presidential candidate Herman Cain for a seat on the Federal Reserve Board, an administration official said on Thursday. He's a friend of mine.

The White House declined to comment, but Axios and the Wall Street Journal reported that Cain is being considered.

That said, Herman Cain is about to be nominated to the Fed board and he wrote a call for the gold standard in 2012.

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 United States president, says: "I was elected to lead, not to read".

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.

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.

Axios also earlier reported Trump has decided to choose Cain to fill one of two vacancies on the seven-member Fed board.

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"He's somebody who gets it", Mr Trump said.

Cain, who served as chairman of the Federal Reserve Bank of Kansas City, ran unsuccessfully for president during the 2012 election cycle.

Like Trump, Moore has been sharply critical of the Fed, asserting in December that Chairman Jerome Powell should be fired for supporting a fourth Fed interest rate hike that month.

"I find Herman to be an outstanding person", Trump told reporters during an Oval Office appearance with the vice premier of China on Thursday.

"Had the Fed not mistakenly raised interest rates, especially since there is very little inflation, and had they not done the ridiculously timed quantitative tightening, the 3.0% GDP, & Stock Market, would have both been much higher & World Markets would be in a better place", the president tweeted last week.

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.

United States media recently reported that Mr Moore was charged in 2013 with contempt of court for failing to pay $300,000 (£230,000) in child support and alimony to his ex-wife. "I certainly do. People are being bad hard on him", Kudlow said. So we are fully behind him. "I think he'd be a breath of fresh air in the Fed, so far it's all systems go".

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