Herman Cain Joining Trump Administration

Former Republican presidential candidate businessman Herman Cain speaks during a Unity Rally Sunday Aug. 26 2012 in Tampa Fla

"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".

Trump himself used to understand the bubbly dangers of constant low-interest rate policy from the Fed, as did Cain, who used to love the gold standard for its very power to keep short-term political priorities out of our money.

Neither Moore nor Cain has officially been nominated for the Federal Reserve Board.

A prominent Trump supporter, Cain previously served as a board member at the Kansas City Federal Reserve Bank and CEO of a pizza restaurant chain. Trump doubtless believes Cain and Moore have heard him and will react accordingly.

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

Moore has been highly critical of the Federal Reserve, saying in December that Chairman Jerome Powell should be fired for backing a fourth Fed interest rate hike that month. Moore now says that comment was written "in a time of anger".

Cain would fill one of two vacancies on the Fed's seven-member board.

Cain, who is 73, served in the 1990s as a director at the Kansas City Fed, one of 12 regional Fed banks that help process payments in the USA banking system and whose presidents take turns voting on rate policy. In a 2012 Wall Street Journal column, Cain argued that the Fed's policies had manipulated the value of the dollar.

In Cain, Trump may have found a likeminded thinker. Doing so, however, raises the possibility of Capitol Hill testimonies regarding sexual harassment allegations against Cain, which ultimately derailed his 2012 candidacy for the Republican presidential nomination. An Atlanta woman said she had had an extramarital affair with Cain for more than 13 years.

At the time, Cain said the allegations were incorrect but acknowledged "he had made mistakes in my life", according to Bloomberg.

During the presidential campaign, Cain became known for his "9-9-9" tax plan, which would have replaced much of the US tax code with a flat 9 percent tax on sales transactions as well as corporate and individual income.

Trump has repeatedly denounced the Fed leadership of Powell, whom he selected as chairman after deciding not to re-nominate Janet Yellen.

Two previous and more orthodox Trump nominees, Nellie Liang and Marvin Goodfriend, were rejected by Congress a year ago. The White House announced Thursday that Trump was nominating Michelle Bowman, a Kansas banking regulator, for a full 14-year term on the Fed. She joined the Fed last year, taking over a term that will end next year.

"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.



Latest news

Why your wait for 5G iPhone may get longer, courtesy Samsung
Apple is now involved in an unresolved legal dispute with the mobile industry's main modem manufacturer, Qualcomm. If this is true, it would be bad news for Intel, which now makes iPhone modems.

Venezuela's Guaido stripped of parliamentary immunity
The Trump administration has previously warned that there... "They don't care about the deaths, " Cabello said. Its creation essentially replaced the National Assembly, rendering it powerless.

Grandma of Timmothy Pitzen hopeful teen is grandson
Timmothy's disappearance was widely covered in the news and the search for him spanned across Illinois, Wisconsin and Iowa. The 14-year-old says he escaped two men at a Red Roof Inn who have been holding him captive for nearly eight years.

Pence warns Turkey over its purchase of Russian missile system
NATO's 2018 annual report: Which ally makes Trump happier? "Germany is Europe's largest and healthiest economy", Pence said. Ankara has been establishing closer links with Russian Federation after recent souring of its ties with the USA and Europe.

Other news