Trump Considering Nominating Herman Cain For Fed Position

Paul Ingrassia | Contributor

President Donald Trump wants to nominate 2012 presidential candidate Herman Cain to a position on the Federal Reserve Board, two senior administration officials told Axios.

Thursday’s Axios report said Cain’s name has been in circulation since at least January when Bloomberg reported that Trump had Cain atop the list of candidates to fill one of two vacancies at the Fed. It was reported at that time Cain’s name was also a leading pick for other posts in the administration.

Federal Reserve Chairman Jerome Powell speaks during a press conference in Washington on March 20, 2019. (Photo by Kyodo News via Getty Images)

Federal Reserve Chairman Jerome Powell speaks during a press conference in Washington on March 20, 2019. (Photo by Kyodo News via Getty Images)

Cain, 73, has been a vocal supporter of Trump and co-founded the America Fighting Back pro-Trump super PAC in September. The super PAC’s website aims to “fight back” against the attack on America by those who wish to impeach Trump and his agenda.

Cain, has had a successful business career in the food industry, serving as longtime CEO and chairman of Godfather’s Pizza from 1986 until 2002 as well as CEO of the National Restaurant Association from 1996 to 1999.

Cain also served four years on the Federal Reserve Bank of Kansas City, ascending to the position as chairman in 1995 after serving as deputy chairman from 1992-1994. (RELATED: Trump Taps Conservative For Federal Reserve Board)

On financial matters, Cain has talked about returning the U.S. to the Gold Standard and has defended higher interest rates, saying  in January, “I am not as afraid of inflation as I am of deflation,” he said. “You can stop inflation faster than you can decelerate in deflation mode.”

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