Trump picks Herman Cain for Fed, news reports say

Trump picks Herman Cain for Fed, news reports say

Former Republican presidential candidate Herman Cain on reports President Trump is considering him for a position on the Federal Reserve Board and the outlook for Fed policy.

The seven-member Fed board, along with presidents of the Fed's regional banks, plays a critical role in the USA economy, holding regular meetings to debate and vote on interest rates that affect everything from savings accounts to mortgages.

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. "I've told my folks that's the man".

Mr Trump has repeatedly expressed regret with his decision to appoint Jay Powell to the Fed chairmanship. Moore told the New York Times earlier this week that "it's full speed ahead" and said that the White House was "100%" behind him. "You can stop inflation faster than you can decelerate in deflation mode". The concern, according to the minutes, was that continued economic growth could produce price pressures that needed to be contained by tighter policy.

Mr. Cain, the former CEO of Godfather Pizza, ran for the 2012 Republican presidential nomination. During his 2011 presidential campaign, he advocated a return to the gold standard, and put forward his "9-9-9" proposal, in which he suggested replacing all taxes with a flat tax of 9 per cent on business and incomes alongside a 9 per cent national sales tax.

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But his popularity slipped amid sexual harassment allegations from several women, which he denied as "completely false".

The choice of Cain would mark the second nomination to elevate a Trump ally with deep roots in conservative politics to the Fed's main policy-making body, a panel that the president has sharply criticized in recent months as insufficiently committed to low interest rates.

Cain ran against former House Speaker Newt Gingrich and others in the 2012 GOP presidential primary but ultimately lost to former Massachusetts Gov. Mitt Romney, now a USA senator representing Utah.

Trump has been a vocal and strident critic of Fed Chair Jerome Powell, who Trump picked two years ago for that post and whose interest rate hikes Trump has called a mistake that has hurt the economy.

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