Is Herman Cain – the former Godfather’s pizza executive and conservative talk host who ran for president in 2012 – being considered by President Trump for a seat on the Federal Reserve Board?
That’s what reports are indicating according to sources, after Cain visited the White House on Wednesday.
There are currently two vacant seats on the Fed board, but some wonder if the 73-year-old Cain is nominated, Senate confirmations could focus on sexual harassment accusations that plagued his presidential campaign.
The sources reporting on this said Trump hasn’t made a decision and that Cain was also being considered for other roles within the Administration.
Cain is no stranger to the Federal Reserve. He served as a director of the Federal Reserve Bank of Kansas City from 1992 to 1996, and also was a deputy chairman and then chairman.
NEWS: Trump is considering naming HERMAN CAIN to the Federal Reserve Board.
Cain had a long corporate career and knows the Fed system. He was on board of Federal Reserve Bank of Kansas City from 1992 to 1996. https://t.co/JMnUrJVf0h
— Jennifer Jacobs (@JenniferJJacobs) January 31, 2019
Who is Herman Cain?
Cain dropped out of his race for the 2012 Republican presidential nomination after allegations of sexual harassment arose from his time as head of the National Restaurant Association in the 1990s. An Atlanta woman claimed she had an affair with Cain for more than a decade.
Cain denied the allegations but did say he had “made mistakes in my life.” Before the scandal, Cain led the race in some national polls.
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Many remember Cain’s signature “9-9-9” tax plan, which would have replaced the current U.S. tax system with flat 9 percent business and income taxes and a 9 percent national sales tax.
In addition to his work with Godfather’s Pizza, Cain was a top executive for Coca-Cola and Pillsbury.
Would Cain be a good fit for the Fed?
Bloomberg reports, “The president’s top economic adviser, Larry Kudlow, said last week that the White House wants Fed governors ‘who understand that you can have strong economic growth without higher inflation.’”
“Last year, Trump repeatedly attacked U.S. Federal Reserve Chairman Jerome Powell for raising interest rates, and Bloomberg News reported last month that the president had even discussed firing him,” the report continues. “One way the president can directly influence monetary policy is through nominations to the Fed board, though anyone he picks must be confirmed by the Senate.”
That confirmation process could be a rough road for Herman Cain, should Donald Trump tap him for the Fed.
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