Trump considering Herman Cain for Federal Reserve seat: report

Trump considering Herman Cain for Federal Reserve seat: report
© Getty Images

President TrumpDonald John TrumpFive takeaways from the Democratic debate As Buttigieg rises, Biden is still the target Leading Democrats largely pull punches at debate MORE is considering nominating former pizza magnate and 2012 Republican presidential candidate Herman Cain to the Federal Reserve Board, according to Bloomberg News.

Trump reportedly met with Cain on Wednesday at the White House to discuss a potential appointment to one of two vacant spots on the Fed board, Bloomberg reported on Thursday.

ADVERTISEMENT
Cain rose to national prominence in 2012 as a brief frontrunner for the GOP presidential nomination. One of his pitches called for replacing the entire U.S. tax code with 9 percent taxes on personal income, corporate income and sales, a proposal he called the 9-9-9 plan.

While Senate Republicans have typically confirmed Trump's economic appointees, a potential Cain nomination could be complicated by the sexual harassment claims that derailed his presidential bid.

Cain suspended his campaign in December 2011, two months after he was accused of sexual harassment by four former employees. Separately, a Georgia woman claimed she had a 13-year affair with Cain, who’s been married since 1968, and that it ended shortly before he launched his campaign.

The former CEO of Godfather Pizza, Cain served in a variety of political and public service roles before his White House bid. He chaired the Federal Reserve Bank of Kansas City from 1995 to 1996 and was as an economic adviser to former Sen. Bob Dole’s (R-Kan.) 1996 presidential campaign.

Trump is reportedly reconsidering whether to renominate Carnegie Mellon University professor Marvin Goodfriend, who faced opposition from some conservative senators in the previous Congress, for one of the two vacant Fed posts.

The president is also seeking a new nominee after former Fed director Nellie Liang withdrew amid backlash from Republicans on the Senate Banking Committee.

Trump has appointed three of the Fed's five governors: Vice Chairman Richard Clarida; Vice Chairman for Supervision Randal Quarles; and Michelle Bowman. The president elevated Jerome Powell, an Obama appointee, to chairman last year after declining to renominate former chair Janet YellenJanet Louise YellenWhat economic recession? Think of this economy as an elderly friend: Old age means coming death On The Money: Rising recession fears pose risk for Trump | Stocks suffer worst losses of 2019 | Trump blames 'clueless' Fed for economic worries MORE.

Powell and Fed Governor Lael Brainard are the only remaining Obama appointees on the Fed board.