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.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
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.
Continue reading for free
We hope you're enjoying The Week's refreshingly open-minded journalism.
Subscribed to The Week? Register your account with the same email as your subscription.