Federal Reserve

Trump says he recommended Herman Cain for a Fed seat: 'He's somebody that gets it'

Trump to name Herman Cain to the Fed, reports Axios
Trump to name Herman Cain to the Fed, reports Axios

President Donald Trump on Thursday said he has recommended Herman Cain for a Federal Reserve board seat.

The former Republican presidential candidate and Godfather's Pizza CEO was rumored to be under consideration for a central bank appointment in January.

Trump said Cain is currently going through background checks but imagines "he will be in good shape."

"He's a highly respected man; he's a friend of mine; he's somebody that gets it and I hope everything goes well," Trump told reporters in the Oval Office. "Herman Cain is a very good guy."

The president has been open in his disdain for the Fed, saying a succession of rate hikes has limited economic growth. According to a recent Wall Street Journal report, Trump told Fed Chairman Jerome Powell that he felt like he was "stuck" with him.

With Cain, 73, the Fed would get someone who has experience in central banking. He served in multiple positions from 1989 to 1996 at the Kansas City Fed, including as chairman, before pursuing political activities.

However, he may not be quite in line with Trump's preference for low rates. In 2014, he warned that the Fed couldn't keep holding its benchmark interest rate near zero.

Cain tweet

Trump also has said that he intends to nominate economic commentator Stephen Moore to the Fed board. That move has been caught in controversy over recent revelations about Moore regarding a delinquent tax bill and a child support payment dispute with his ex-wife.