Trump has reportedly decided to appoint former Republican presidential candidate Herman Cain to a seat on the Federal Reserve Board, according to a new report
President Donald Trump’s possible selection of a former Republican presidential candidate to join the Federal Reserve reflects his continued displeasure with the central bank, despite its recent shift to a more dovish stance.
The president remains sharply critical of the Fed’s interest-rate policy even thought the central bank has shifted in a dovish direction.Trump has already filled four of the five seats at the central bank. But he has said he’s deeply unhappy that the central bank raised interest rates last year, which he alluded to with a tweet on Thursday morning, called the Fed’s 2018 rate hikes “unnecessary and destructive.
— Donald J. Trump April 4, 2019 Cain, 73, has prior Fed experience, having served as a director on the board of the Kansas City Fed from 1992-1996, ultimately becoming the board’s chairman.Cain is known for being the chairman and CEO of Godfather’s Pizza and for his run for president as a Republican in 2012. He had a memorable tax plan called 9-9-9. It would have eliminated the tax system and replaced it with a 9% personal income tax, a 9% corporate income tax and a 9% sales tax.
Cain also backed Trump’s presidential campaign and presidency, including launching a Super Pac last year to support the president’s agenda.“If I were offered the job, I would try to encourage the Fed not to make inflation a fear factor because deflation…is more of a fear factor than inflation,” Cain said in an interview this year.
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