UPDATE: Trump confirms he'll be nominating Herman Cain to the Fed
WASHINGTON – President Donald Trump said Thursday he will name former Republican presidential candidate Herman Cain for the Federal Reserve board, the latest indication that the president hopes to significantly alter the central bank's direction.
The Fed, an independent board whose members are appointed by the president, raises interest rates to cool down a hot economy and cuts them to stimulate a sluggish one. The rates affect how much it costs to use a credit card, sign a car loan or buy a home. "Despite the unnecessary and destructive actions taken by the Fed,” Trump wrote on Twitter on Thursday, “the Economy is looking very strong."
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