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Herman Cain is reportedly Trump's new pick for the Federal Reserve Board

President Trump has reportedly decided to nominate Herman Cain for a seat on the Federal Reserve Board. Previous reports suggested Cain was under consideration, but sources told Bloomberg on Thursday that the president now intends to move forward with the nomination.

Cain, the former CEO of the Godfather's Pizza chain, ran for president in 2012 and last year co-founded a pro-Trump super-PAC. He previously directed the Federal Reserve Bank of Kansas City, and has supported higher interest rates, which Trump has criticized as damaging to the economy.

Cain's most famous policy idea was a "9-9-9" tax plan, which sought to implement a flat 9 percent tax rate. Cain's past settlement with women who accused him of sexual harassment could be an issue during his Senate confirmation hearing, sources previously told Bloomberg. Cain has denied any wrongdoing.

Axios reports Trump is merely waiting for Cain's background check to be complete before announcing the move. "He likes Cain and wants to put him on there," a source said.

Trump has announced plans to additionally nominate former campaign adviser Stephen Moore to the Fed board. Read more at Bloomberg.