Trump says he will nominate Herman Cain to Fed
President Donald Trump said Thursday he will nominate Herman Cain, the former Republican presidential candidate, to a seat on the Federal Reserve Board, a move surprising Capitol Hill and alarming Fed watchers.
“I’ve recommended Herman Cain. He’s a terrific man,” Trump told reporters in the Oval Office.
“I think he would do very well” at the Fed, the president added. “He’s a very good guy.”
A report that Trump planned to nominate Cain was reported early Thursday morning by Axios.
Trump has previously said he will appoint former Wall Street Journal editorial writer Stephen Moore to the Fed, but the White House has yet to send the nomination to the Senate. Moore and Cain would fill the two remaining vacancies on the Fed’s seven-member board. Trump’s interest in selecting Cain for the Fed was first reported in January. The president remains sharply critical of the Fed’s interest-rate policy even thought the central bank has shifted in a dovish direction.
Trump said he was not trying to send a message to the Fed with the pick of Moore and Cain.