Trump says Herman Cain’the Guy’ for Fed board

Mae Love
April 11, 2019

President Donald Trump recently named his two picks for the Federal Reserve - but a top economic adviser cautioned Monday that the nominations aren't final until they're formally sent to the Senate. Keeping inflation under control is a key mission of the Fed, and higher rates help do so by discouraging borrowing and spending.

Critics have pointed to issues like Cain's withdrawal from the 2012 presidential race following reports on allegations of sexual harassment - allegations Cain has denied.

After months of rumors, Trump on Thursday confirmed that he is recommending Cain for a Federal Reserve Board seat.

Former republican presidential candidate and Georgia business man Herman Cain speaks during the Southern Republican Leadership Conference at the College of Charleston in Charleston, South Carolina January 19, 2012.

Trump on Friday called on the Fed to cut rates, saying that would turn the USA economy into a "rocket ship" - a rate of growth characterized Sunday by Kudlow as 4 percent to 4.5 percent.

"I will be able to explain it this time where they wouldn't let me explain it the last time", Cain said. There are now two vacancies on the seven-member Fed Board. "He's doing some pre-checking now and I would imagine he'd be in great shape", the president said.

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In video posted on Facebook, Cain said that a background check would be "more cumbersome" in his case because he has had an "unusual career".

Cain said it's possible he would not make it through a nomination process.

"Whether or not I make it through this process, time will tell". Would I be thrilled and honored if I make it through this process? Cain previously served multiple positions within the Kansas City Federal Reserve between 1989 and 1996. Each of the 12 regional Federal Reserve banks has a nine-person board that includes local executives.

The Fed said it was weak inflation, weakening global growth and financial volatility that led it a year ago to put further rate increases on hold and shift other policies as well.

Trump has been a sharp critic of the interest rate policy set by the Federal Reserve, repeatedly blaming the USA central bank and its chair, Jerome Powell, for slowing down the economy, despite the Fed recently saying that it foresees no rate hikes in the year ahead.

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