Herman Cain Joining Trump Administration

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Axios reported that Trump has "told confidants" that he wants Cain on the Fed, pending a background check. A terrific man, a terrific person. He's a friend of mine. President Donald Trump said Thursday, April 4, 2019, he is recommending Herman Cain, a political ally and former presidential candidate, for a seat on the Federal Reserve board. I told my folks that's the man. "I would think he would do very well there". Trump's other Fed appointees have also supported the Powell Fed's rate hikes, which the president has said hurt the economy.

Mr Cain is the former chief executive of Godfather's Pizza who also served a spell as chairman of the Kansas City Federal Bank.

Axios reported earlier Thursday that Cain is being considered for the post.

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. Mitt Romney, R-Utah, raised issue with it. Before his departure from the race, Cain was known for touting his "9-9-9" tax plan to reform the current tax system.

Moore is a visiting fellow for Project for Economic Growth at The Heritage Foundation. The vocal Trump supporter since the 2016 presidential election has been a longtime critic of the Fed.

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In Cain and Moore, Trump would place two political loyalists on the board of a central bank that has frequently crossed him.

Trump has been a vocal and strident critic of the Fed's rate hikes under Jerome Powell, whom the president picked two years ago to chair the USA central bank.

Last month, Powell said the Fed would pause planned rate increases because the US economy was slowing - and could continue to slow in part due to a prolonged Trump trade war with China.

The administration did not conduct a thorough vetting of Trump's most recent Fed pick, Stephen Moore, and they've had to weather stories about back taxes owed by Moore and that he had failed to pay alimony to his ex-wife.

At a New Hampshire campaign, he announced: "We need a leader, not a reader" - a line taken from The Simpsons Movie in which Arnold Schwarzenegger, playing a USA president, says: "I was elected to lead, not to read". I know him personally.

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