On The Money — Presented by Job Creators Network — Trump plans to nominate Herman Cain to Fed | Trump touts progress on China trade deal | House Dems ask Capital One: What's in Trump's wallet?

Welcome back to On The Money. I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line.

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A sad, personal note: The Hill family is sad to announce that our beloved colleague Vicki Needham, who covered trade and the economy for us, died on March 25 at the age of 50.

Vicki was a fixture of The Hill since joining the team in 2010 and spearheaded our coverage of some of the most pressing political and economic issues of the past decade. She was a remarkable colleague and a mentor to many reporters, guiding us with her impressive knowledge, dedication, positive attitude and wit.

We'll all miss her dearly.

 

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THE BIG DEAL-- Trump says he plans to nominate Herman Cain to Fed: President TrumpDonald John TrumpDemocrats' CNN town halls exposed an extreme agenda Buttigieg says he doubts Sanders can win general election Post-Mueller, Trump has a good story to tell for 2020 MORE on Thursday said he intends to nominate former Republican presidential candidate Herman Cain to the Federal Reserve Board, a move that would add a loyal political supporter to the central bank.

Speaking to reporters at the White House, Trump called Cain an "outstanding person" but said his nomination has not yet been made official because he is undergoing a background check.

"I've told my folks that's the man, and he's doing some pre-checking now. I would imagine he'd be in great shape," the president said.

Trump has been a vocal critic of the Fed, accusing it of slowing economic growth with its interest-rate hikes.The president tweeted last Friday that he thought the bank "mistakenly raised interest rates" and said "had they not done the ridiculously timed quantitative tightening," gross domestic product growth and the stock market would "have both been much higher & World Markets would be in a better place!" The Hill's Jordan Fabian and I have more here.

 

The background: Cain waged an unsuccessful bid for the 2012 Republican presidential nomination after decades as a fast food executive and advocate for the restaurant industry in Washington.

He also served in several advisory roles for Federal Reserve Bank of Kansas City between 1989 to 1996, serving as the branch's chairman from 1995 to 1996.

Since Trump's 2018 election, Cain has been a vocal advocate of the president through his Atlanta-based radio show and started a super PAC to support Trump's re-election bid.

 

The issues: Cain's nomination to the Fed would be subject to Senate confirmation and could be derailed by sexual harassment allegations that led him to end his 2012 presidential bid.

He suspended his campaign in December 2011 after four women came forward to accuse him of sexual harassment. Two of the women worked for Cain while he led the National Restaurant Association, a trade group representing the food service industry.

A Georgia woman also claimed she had a 13-year affair with Cain, who's been married since 1968, alleging that it ended shortly before he launched his bid. Cain has denied the claims.

 

 

Coming Up: The Hill's Newsmaker Series: Tax Cuts and Small Business

Join us on Thursday, April 11th for The Hill's Newsmaker Series: Tax Cuts and Small Business. The Hill's Editor-in-Chief Bob Cusack will sit down with Larry Kudlow, assistant to the President and director of the National Economic Council, to discuss the impact of the new tax law and examine policies the administration has put in place to help small business. RSVP here.

 

LEADING THE DAY

Trump says US, China inching closer on trade deal: President Trump said Thursday that the U.S. and China are inching closer to a comprehensive trade pact, but added that work remains before he signs off on a final arrangement.

"We've agreed to far more than we have left to agree to," Trump said. "Some of the toughest things have been agreed to."

Trump told reporters in the Oval Office that he was hopeful he'd be able to announce a deal in roughly four weeks, at which point he would hold a summit with Chinese President Xi Jinping at the White House.

"If we have a deal there'll be a summit," Trump said. "I would say we'll know over the next four weeks ... and I look forward to seeing President Xi. It will be here, and if we have a deal, then we're going to have a summit."

The president said earlier in the day that China would be "buying a lot of product" from the U.S., likely referencing his push to make Beijing make significant increases to American crop purchases.

The president touted progress in negotiations following a meeting at the White House with Chinese Vice Premier Liu He, who is in Washington, D.C., to meet with Trump administration officials as part of the latest round of trade negotiations. The Hill's Brett Samuels fills us in here.

 

House Dems seek documents on Trump's businesses from Capital One: Democrats on three House committees sent requests to Capital One executives for documents related to President Trump's ownership of the Trump Organization.

Politico reported Thursday that the House Oversight and Reform, Financial Services, and Intelligence committees sent a joint request last month to Capital One CEO Richard Fairbanks for any documents the company holds concerning Trump's trust, which holds his businesses, and a slew of companies that comprise the greater Trump Organization.

In the letter, Oversight Chairman Elijah CummingsElijah Eugene CummingsThe Hill's Morning Report - Will Joe Biden's unifying strategy work? Trump: 'No reason' for White House to comply with congressional investigations Overnight Energy: Six Interior officials under ethics investigation | EPA chief failed to disclose former lobbying client | Greens ask Wheeler to back up claim that climate change is '50 to 75 years out' MORE (D-Md.), Financial Services Chairwoman Maxine WatersMaxine Moore WatersSuspect charged for pipe bomb mailings says Trump rallies became like a 'drug' for him On The Money: Treasury misses second Dem deadline on Trump tax returns | Waters renews calls for impeachment | Dem wants Fed pick to apologize for calling Ohio cities 'armpits of America' | Stocks reach record high after long recovery Waters: 'We must impeach Putin's president Trump' MORE (D-Calif.) and Intelligence Chairman Adam SchiffAdam Bennett SchiffOn The Money: Treasury misses second Dem deadline on Trump tax returns | Waters renews calls for impeachment | Dem wants Fed pick to apologize for calling Ohio cities 'armpits of America' | Stocks reach record high after long recovery On The Money: Cain withdraws from Fed consideration | Says he didn't want 'pay cut' | Trump sues to block subpoena for financial records | Dems plot next move in Trump tax-return battle Pelosi downplays impeachment post-Mueller report MORE (D-Calif.) wrote that their investigations pertained to "potential foreign conflicts of interest, compliance with the foreign and domestic Emoluments Clauses of the U.S. Constitution, and any counterintelligence threats arising from links or coordination between U.S. persons and other foreign entities, including any financial or other compromise or leverage over the president and his business interests."

 

GOOD TO KNOW