As Trump eyed Cain for Fed, Cain raised money for Trump

07 April, 2019, 03:44 | Author: Mary Valdez
  • Trump Picks Herman Cain for Fed as New Powell Counterweight Sources SayMore

U.S. President Donald Trump plans to nominate former pizza chain executive and Republican presidential candidate Herman Cain for a seat on the Federal Reserve Board, Bloomberg News reported on Thursday. Mr. Trump also called Cain an "outstanding person".

More seriously, Mr Cain has also faced multiple sexual harassment allegations.

The president last month offered a Fed position to another ally, conservative economist Stephen Moore.

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 US central bank.

In a 2012 Wall Street Journal column, Cain argued that the Fed's policies had manipulated the value of the dollar. "I've recommended him highly for the Fed".

Board members have a vote on setting interest rates every time US central bankers meet, making them among America's most powerful officials for economic policy.

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That includes Chairman Jerome Powell, a former investment banker, who the President has repeatedly accused of trying to undercut him politically by raising interest rates, which Trump believes will slow down the economy. The vocal Trump supporter since the 2016 presidential election has been a longtime critic of the Fed. But his candidacy imploded after he was accused of sexual harassment during his time at the helm of the National Restaurant Association in the 1990s, and an Atlanta woman alleged they had an affair for 13 years.

Mr. Trump said officials are doing a background check, though he thinks Mr. Cain will be in "great shape".

Romney was referring to Cain's proposal from his 2012 presidential campaign that would erase all existing taxes and implement a 9 percent personal income tax, a 9 percent federal sales tax, and a 9 percent corporate tax.

Asked if he had any concerns, Trump said: "None whatsoever". It would be saying too much to pretend these sorts of appointments are some unprecedented blow at an imagined previously completely unpoliticized Fed, but it still isn't promising for intelligent long-term decision-making from the body. Mr. Moore blames those increases for a drop in commodity prices at the end of a year ago.

"The Fed should reverse its disastrous rate hikes" of September and December. Since January, the Fed has reversed course and now says it foresees no further rates hikes this year.

Expectations are mounting among investors that the Fed could even cut its benchmark lending rates.

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