President Trump intends to nominate Herman Cain for a seat on the Federal Reserve Board, according to people familiar with the matter.
Trump plans to announce his selection very soon, said three people, who asked not be identified discussing the nomination because it hasn’t been announced. Cain would fill one of two open seats on the board; the president plans to name Stephen Moore, a visiting fellow at the Heritage Foundation and a longtime Trump supporter, for the other.In Cain and Moore, Trump would place two political loyalists on the board of a central bank that has frequently crossed him.
Cain, who had a long corporate career, has also worked in the Federal Reserve system. From 1992-96, he served as a director of the Federal Reserve Bank of Kansas City, as well as deputy chairman and then chairman. He advocated for the U.S. to return to the gold standard during his presidential campaign and as recently as December 2017 defended higher interest rates, a position that contrasts with Trump’s repeated criticisms of the Fed last year.Sen.
Sen. David Perdue praised Cain. “He’s a business guy,” Perdue said. “He’s got a great background for it. I know him personally. I think personally he’d be a great addition.”
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