Trump Plans To Select Morehouse Alum And Former Business Executive Herman Cain For Federal Reserve Board

Trump Plans To Select Morehouse Alum And Former Business Executive Herman Cain For Federal Reserve Board

Herman Cain
Herman Cain, CEO, The New Voice, speaks during Faith and Freedom Coalition’s Road to Majority event in Washington, Friday, June 20, 2014. (AP Photo/Molly Riley)

President Donald Trump told people he confides in that he wants Herman Cain on the Federal Reserve board but will wait until his background check is done before announcing it, according to two senior administration officials familiar with the decision, Axios reported.

Cain is no stranger to the federal reserve. He served at the Kansas City Federal Reserve between 1989 and 1996, and was chairman from 1995 to 1996. A former CEO of Godfather’s Pizza, Cain ran for the 2012 Republican presidential nomination but dropped out after sexual harassment allegations emerged.

Notoriously lacking in diversity, the Federal Reserve has been under increasing pressure to be more inclusive. It “sits at the highest echelon of U.S. economic policymaking. Yet in the banking system’s 105-year history, only one African-American (has) served as president at any of the Federal Reserve banks,” Ruth Umoh reported for Forbes.

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Cain graduated from Morehouse College in 1967 with a major in math.

Sometimes called the Hermanator, he was a Tea Party activist from Georgia. He is an author, business executive (he’s credited with successfully reviving the Godfather’s Pizza chain), a radio host, and syndicated columnist. In 2010, Cain addressed more than 40 Tea Party rallies. He has said that he believes Trump is heading in the right direction.

Cain’s proposed 9–9–9 tax plan and debating performances made him a serious contender for the 2012 Republican nomination. The 9–9–9 Plan would replace all taxes including payroll, capital gains and estate tax with a 9 percent personal income tax, 9 percent federal sales tax, and 9 percent corporate tax. Cain denied five allegations of sexual misconduct against him but dropped out of the race. Of the Republican candidates, “Herman Cain was the most covered” during the year, the Pew Research Center reported. Cain endorsed Mitt Romney.

Bloomberg News says it has confirmed Trump is selecting Cain. 

Trump regards Federal Reserve chair Jerome Powell as one of the biggest mistakes of his administration due to his 2018 decisions to raise interest rates, according to Axios. Powell has no “feel” for the markets, Trump told aides and compared him to a golfer who can’t putt. Powell is considered weak by Trump.

Appointed by President Barack Obama, Raphael W. Bostic became the first Black president to lead any of the Fed’s 12 regional reserve banks.