Trump recommends Herman Cain for Fed board


President Donald Trump is considering nominating former Republican presidential candidate Herman Cain to serve on the Federal Reserve Board, Axios reported Thursday, citing two unnamed "senior administration officials familiar with the decision".

By adding two supporters to the Fed, Trump could give greater weight to his views at an independent institution that has repeatedly displeased him. But his candidacy imploded after he was accused of sexual harassment during his time at the helm of the National Restaurant Association in the 1990s, and an Atlanta woman alleged they had an affair for 13 years. "This stance is one Moore has also intermittently espoused, and it has been roundly rejected by actual economic experts".

Still, Cain's policy views are not entirely clear: in the same February interview, he said he wanted to use wages as a factor in deciding monetary policy, which in the context of recently rising pay could suggest he would support rate hikes.

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Mr Trump is yet to formally nominate either of his candidates, and both will need to be confirmed by the US Senate, where they can expect stiff opposition from Democrats and even some Republicans.

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.

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Mr Cain is well known for a series of gaffes and eyebrow-raising lines during his time as a contender for the Tea Party, a conservative movement within the Republican Party, during the party's primaries in 2011 and 2012. In the article, he advocated a return to the gold standard as a way to control inflation, a position taken by other Fed critics but which many economists call unworkable.

Asked if he had any concerns, Trump said: "None whatsoever". In addition to choosing Powell for the chairmanship, Trump has nominated all the current Fed board members with the exception of Lael Brainard, who was nominated by Barack Obama.

The White House did not immediately respond to a request for comment on the reports.

"If Herman Cain were on the Fed, you'd know the interest rate would soon be 9-9-9". Since January, the Fed has reversed course and now says it expects no further rates hikes this year.

In a tweet Thursday, Trump said the economy was looking very strong "despite the unnecessary and destructive actions taken by the Fed".