Trump expected to nominate Herman Cain to Federal Reserve

Former Republican presidential candidate businessman Herman Cain speaks during a Unity Rally Sunday Aug. 26 2012 in Tampa Fla

"I've recommended Herman Cain". Mr. Trump also called Cain an "outstanding person".

Axios reported that Trump has "told confidants" that he wants Cain on the Fed, pending a background check.

Floyd Brown, a conservative activist who co-chairs the PAC with Cain, said in an email that when Cain learned about Trump's interest in appointing him to the Fed, he voluntarily "stepped away from day to day involvement with the PAC".

Cain in September co-founded a pro-Trump super-political action committee, America Fighting Back PAC, which features a photo of the president on its website and says: "We must protect Donald Trump and his agenda from impeachment".

Cain appears to be the only one of Trump's Fed nominees so far to have actively raised funds for his benefit.

Trump's plan to nominate an overt loyalist for a spot on the Fed board comes as Trump over and over again lambastes the central bank for raising interest rates four times a year ago and could checker the Fed's long-cherished standing as an independent, apolitical body.

Moore has been highly critical of the Federal Reserve, saying in December that Chairman Jerome Powell should be fired for backing a fourth Fed interest rate hike that month.

But Mr Cain's experience is overshadowed by his partisanship, marking another controversial choice for an important role at an institution that has developed a powerful reputation as being apolitical and independent.

Cain, who sought the GOP presidential nomination in 2012, is the former CEO of Godfather's Pizza and was on the board Federal Reserve Bank of Kansas City as a director from 1992 to 1996, eventually becoming chairman.

In the 1990s he served as a director at the Kansas City Fed, one of the 12 regional Fed banks that help process payments in the USA banking system and whose presidents take turns voting on rate policy. At full strength there are 19 Fed policymakers, including 12 regional Fed bank presidents.

In recent public writings and private meetings with Mr. Trump, Mr. Moore has pushed for the Fed to reverse at least two of the four interest rate increases that it approved a year ago.

On Friday, he said the Fed had made a mistake in raising rates, and his top economic adviser said the president felt the central bank should reverse course and cut borrowing cuts.

Bloomberg reported earlier Thursday that Trump plans to nominate Cain and Stephen Moore, a visiting fellow at the Heritage Foundation, for two open Federal Reserve Board seats. Moore is also a longtime Trump ally who has joined him in criticizing last year's rate hikes. "I've told my folks that's the man".

On Wednesday, White House economic advisor Larry Kudlow reinforced the president' support for Moore, despite a New York Times report that he failed to fully pay taxes and alimony.

"I wasn't in the conversation", Kudlow told reporters during a breakfast hosted by the Christian Science Monitor.

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