Trump recommends Herman Cain for Fed

President Trump said Thursday that he has recommended former pizza executive Herman Cain for a seat on the Federal Reserve Board.

“I’ve recommended Herman Cain,” he said, and he said that Cain is undergoing a background check. Mr. Trump also called Cain an “outstanding person.”

He’s truly an outstanding individual. I would think he would do very well there,” Mr. Trump said.

Cain, who sought the GOP presidential nomination in 2012, is a former pizza company executive and served on the Kansas City Fed from 1989-96.

During his 2012 presidential campaign, he famously touted an economic plan, the “9-9-9 Plan,” which would have replaced the U.S. tax system with a flat 9 percent business, income and national sales tax. 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.

President Trump also announced last week that he plans to nominate conservative economic analyst Stephen Moore to the Federal Reserve Board for the other open seat on the seven-member board.

Nominees to the Federal Reserve Board must undergo Senate confirmation. Utah GOP Sen. Mitt Romney who competed against Cain for the Republican nomination and ultimately won the GOP nod, seemed to scoff at the idea that Cain would be Mr. Trump’s pick. In an interview with Politico Thursday, Romney said, “I doubt that will be a nomination. But if it were a nomination, you can bet [what] the interest rates he would be pushing for.” He quipped, “If Herman Cain were on the Fed, you’d know the interest rate would soon be 9-9-9.”

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