President Trump is seriously considering nominating Herman Cain to a critical post at the Federal Reserve.
Trump has had words with the Fed Chair over rising interest rats with some claiming, erroneously as it turns out, that Trump would replace the current Fed Chair, Jerome Powell.
Instead, Trump will fill the two open Federal Reserve Board positions with qualified candidates more in line with administration economists.
The left will attack this (as usual) and they will drag up some past controversies involving extramarital affairs that hit Cain when he ran for President – Cain has denied these allegations.
From Bloomberg: Herman Cain, the former pizza company executive who ran for the Republican presidential nomination in 2012, is being considered by President Donald Trump for a seat on the Federal Reserve Board.
Cain, 73, was in the White House on Wednesday, according to people familiar with the matter. Two seats on the Fed board are vacant, but nominating Cain raises the prospect of a Senate confirmation hearing focused on the sexual harassment and infidelity accusations that ended his presidential campaign.
The people declined to be identified discussing the matter because Trump hasn’t made a decision. Cain was also under consideration for other possible top government posts.
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.”
Cain had a long corporate career and is also familiar with the Federal Reserve system. From 1992 to 1996, he served as a director of the Federal Reserve Bank of Kansas City, as well as deputy chairman and then chairman.
From CNBC: White House sources said Trump is meeting with multiple candidates for the two vacancies on the central bank board.
Cain ran for president in 2011 and briefly led polling thanks to his “9-9-9” plan, a reference to the respective tax rates he would have put on personal income, federal sales and corporations. He suspended his campaign late that year under allegations that he sexually harassed two women.