Trump expected to name Herman Cain to the Fed

Former Republican presidential candidate Herman Cain addresses the Americans for Prosperity Presidential Forum on Feb. 25 2012 in Troy Mich. President Trump says he plans to nominate Cain to a vacant spot on the Federal Reserve Board

"President Donald Trump said Herman Cain, the former pizza company executive who ran for the 2012 Republican presidential nomination, is being vetted for a seat on the Federal Reserve Board".

Neither Cain nor Moore are technically trained academic economists, which alarms many, although, as has been argued by former Federal Reserve Bank of Dallas analyst Danielle DiMartino Booth, board members with more varied real-world experience might be useful voices in central bank decision-making. Trump, meanwhile, has continued to rail against the Fed, even as he has said he will nominate conservative commentator Stephen Moore, a proponent of rate cuts, for a second vacant seat on the Fed Board. The PAC's website says it was founded by "a group of President Trump's most committed supporters to fight this vile and uncalled for propaganda". Each of the 12 regional Fed banks has a nine-person board that includes local executives. I told my folks that's the man.

Trump has been a vocal and strident critic of the Fed's rate hikes under Jerome Powell, whom the president picked two years ago to chair the US central bank.

On Wednesday, White House economic adviser Larry Kudlow shrugged off the President's reported remarks, suggesting they may have been intended "lovingly".

The Fed has since put its rate hikes on hold, citing a slowdown in growth as well as global and other risks.

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Romney was referring to Cain's proposal from his 2012 presidential campaign that would erase all existing taxes and implement a 9 percent personal income tax, a 9 percent federal sales tax, and a 9 percent corporate tax. Cain served in various positions in the Kansas City Federal Reserve in the 1990s and as CEO of the Godfather's Pizza chain.

But his popularity slipped amid sexual harassment allegations from several women, which he denied as "completely false".

The previous evening, Mr Trump once again had taken to social media to accuse the central bank of unnecessarily damaging the economy after a series of interest rate rises in 2017 and 2018.

Trump, however, has grown increasingly unhappy with Fed decisions under Powell's direction, especially after the stock market took a nosedive a year ago as the central bank was hiking rates four times.

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