82°F
weather icon Clear

Trump considering Herman Cain for Federal Reserve board, reports say

WASHINGTON — President Donald Trump is considering nominating Herman Cain, a political ally and former presidential candidate, for a seat on the Federal Reserve board, according to news reports.

The White House declined to comment, but Axios and The Wall Street Journal reported Thursday that Cain is being considered. The president has already said he plans to nominate another conservative ally, Stephen Moore, for a separate vacancy on the board. Moore’s nomination has encountered criticism that he is unqualified and too politically focused for a Fed board seat.

Cain, a former CEO of Godfather’s Pizza, ran for the 2012 Republican presidential nomination but dropped out after allegations of sexual harassment and infidelity.

Axios quoted two unnamed senior administration officials as saying Trump wants to nominate Cain but was waiting for his background check.

After Trump announced his intention to nominate Moore to the Fed board, there have been published reports stating that Moore had a lien of more than $75,000 filed against him in January 2018 for unpaid taxes and he has fallen behind on alimony and child support payments to his ex-wife.

However, Larry Kudlow, head of the president’s National Economic Council, told reporters Wednesday that Trump is “fully behind” Moore’s nomination. Moore served as a campaign adviser to Trump in 2016, helping to formulate Trump’s tax cut plan.

Moore has been highly critical of the Federal Reserve, saying in December that Chairman Jerome Powell should be fired for backing a fourth Fed interest rate hike that month. Moore now says that comment was written “in a time of anger.”

Cain met with Trump in January to discuss a possible nomination to the Fed board but at the time the White House said that Trump was looking at multiple candidates for the two Fed openings.

Cain, who served for a number of years on the board of directors of the Fed’s Kansas City regional bank, has also been critical of the central bank’s policies.

In a 2012 Wall Street Journal column, Cain said that the Fed’s policies manipulated the value of the dollar. In the article, he advocated a return to the gold standard as a way to control inflation, a position taken by other Fed critics but which many economists call unworkable.

Cain in September co-founded a pro-Trump super political action committee, America Fighting Back PAC. It features a photo of the president on its website and says: “We must protect Donald Trump and his agenda from impeachment.”

Cain dropped out of the race for the 2012 Republican presidential nomination after allegations that he had engaged in sexual harassment when he led the National Restaurant Association in the 1990s. An Atlanta woman also said she had conducted an extramarital affair with Cain for more than 13 years.

Cain called the allegations false but said he had “made mistakes in my life.” Before leaving the race, Cain had put forward a “9-9-9” tax plan that called for replacing the current tax system with a flat 9 percent business and individual income tax, and a 9 percent sales tax.

Trump has been highly critical Powell, the person he picked to be Fed chairman after deciding that he would not renominate Janet Yellen. In addition to selecting Powell for the top job, Trump has nominated all the current Fed board members with the exception of Lael Brainard, who was nominated by Barack Obama.

Trump’s other nominees have held views more in line with traditional selections for the Fed board. The White House announced Thursday that Trump was nominating Michelle Bowman, a Kansas banking regulator, for a full 14-year term on the Fed. She joined the Fed last year, taking over a term that will end next year.

Trump, however, has grown increasingly unhappy with Fed decisions under Powell’s direction, especially after the stock market took a nosedive last year as the central bank was hiking rates four times. Since January, the Fed has reversed course and now says it expects no further rates hikes this year.

Even with that change, Trump has continued to be critical. Kudlow last week called for the Fed not only to pause rate hikes but to actually cut rates by one-half percentage point, saying he and the president believed that was the best course of action.

In a tweet Thursday, Trump said the economy was looking very strong “despite the unnecessary and destructive actions taken by the Fed.”

Don't miss the big stories. Like us on Facebook.
Politics Videos
Tomi Lahren Speaks at UNLV - VIDEO
Fox News contributor and UNLV alumna Tomi Lahren returned to campus Wednesday night for a speech, titled “Stay Triggered,” that drew an auditorium of supporters as well as a group of protesters outside. (James Schaeffer/Las Vegas Review-Journal)
Bernie Sanders released from Las Vegas hospital - VIDEO
Sen. Bernie Sanders, I-Vt., issues a statement after he was released from Desert Springs Hospital Medical Center on Friday, Oct. 4, 2019, after suffering a heart attack earlier in the week. (Bernie Sanders via Twitter)
Democratic presidential candidates speak on impeachment - VIDEO
Democratic presidential candidates attending the March for Our Lives/Giffords Gun Safety Forum in Las Vegas comment on possible impeachment proceedings. (Las Vegas Review-Journal)
Joe Biden Las Vegas Rally Highlights - Video
2020 presidential candidate, Joe Biden, came to Las Vegas to talk guns, climate change and the Ukranian-Trump scandal. Biden was interrupted by a protestor who sat amongst supporters at the rally and continued with his speech. (Angus Kelly & James Schaeffer / Las Vegas Review-Journal)
Joe Biden comments on Trump and his campaign efforts in Nevada - Video
After an impeachment inquiry was opened on Donald Trump, Joe Biden talks with Review-Journal politics reporter Rory Appleton about Trump and his campaign in Nevada. (Angus Kelly & James Schaeffer / Las Vegas Review-Journal)
Bernie Sanders Unveils Affordable Housing Plan - Video
Bernie Sanders sits down with the Las Vegas Review-Journal to talk about his new affordable housing plan he unveiled at Plumbers & Pipefitters.
Jim Marchant talks gun control and Dreamers - Video
Republican Candidate for District 4 Jim Marchant talks about gun control and immigration policies. (Las Vegas Review-Journal)
Hurricanes, Gender, and Science in the Press
Imagine if the mainstream media’s current hurricane-sized obsession with scientific accuracy applied to gender.
Cory Booker on college tuition and minimum wage
Cory Booker talks on the RJ Politics podcast about college debt, informing workers about their rights and livable wages.
Nevada Politics Today: Teacher raises - VIDEO
Jason Goudie, the chief financial officer for the Clark County School District, talks about teacher pay and raises. (Las Vegas Review-Journal)
Media's Double Standard On Incitement And Trump - Video
Over the weekend, an Elizabeth Warren-supporting socialist who opposed gun violence used a rifle to commit a mass murder in Dayton, Ohio. The media has downplayed that aspect of the tragedy.
Project Our Care Tour Kicks Off In Las Vegas
U.S. Rep. Dina Titus joined health care advocates and local residents as part of Protect Our Care’s nationwide bus tour kick off in Las Vegas on Monday, August 5, 2019. (Mat Luschek / Review-Journal)
Bernie Sanders talks about guns, response to El Paso shooting
Sen. Bernie Sanders spoke about his response and continued policy ideas about guns and gun control to the Review-Journal after a panel of other topics. (Rachel Aston/Las Vegas Review-Journal)
Pete Buttigieg On Gun Control And Climate Change - Video
Pete Buttigieg talks about his campaign for the 2020 election and how Nevada is a vision of what the future can be.
Beto O'Rourke speaks in Las Vegas
Presidential candidate Beto O'Rourke spoke to supporters at the East Las Vegas Community Center in Las Vegas, Thursday, Aug. 2, 2019. (Las Vegas Review-Journal)
THE LATEST
Reaction strong as Trump compares his impeachment to ‘lynching’

President Donald Trump injected racial overtones into the House impeachment inquiry Tuesday by comparing the Democratic-led investigation into his handling of U.S. policy toward Ukraine to a “lynching.” The highest-ranking African American in Congress warned Trump about making the comparison.

US troops leaving Syria for Iraq cannot stay, says military

U.S. troops leaving Syria and heading to neighboring Iraq do not have permission to stay in the country, Iraq’s military said Tuesday as American forces continued to pull out of northern Syria after Turkey’s invasion of the border region.

Trump defends his decisions over Syria, G7

President Donald Trump on Monday addressed controversies such as Republicans breaking ranks with him over Syria and canceling a plan to hold the G7 meeting at his Miami golf course.

BLM whistleblower regains job in Nevada after firing

Craig Hoover, a rangeland specialist with the federal agency, said he was terminated after reporting illegal livestock grazing in eastern Nevada.

Israeli PM Netanyahu gives up on forming new coalition

Benjamin Netanyahu said he was returning the “mandate” to President Reuven Rivlin, who will now ask Gantz to try to form a coalition.

US plans to require DNA sample from all asylum-seekers

The Justice Department will publish an amended regulation Monday that would mandate DNA collection for almost all migrants who cross between official entry points and are held even temporarily, according to an official.