Trump recommends Herman Cain for Federal Reserve seat

Former Republican presidential candidate Herman Cain speaks at the

President Trump said Thursday he will recommend former presidential candidate and pizza company executive Herman Cain to fill one of the seven seats on the Federal Reserve Board.

Mr Trump has been accused of putting forward political loyalists to the Fed. "I've told my folks that's the man". The PAC's website says it was founded by "a group of President Trump's most committed supporters to fight this vile and uncalled for propaganda".

This year the Fed has signalled a pause amid signs the global economy is slowing, with policymakers expecting they will not raise rates at all in 2019.

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The president two weeks ago said he planned to nominate Stephen Moore for a separate vacancy on the board. Moore told the New York Times earlier this week that "it's full speed ahead" and said that the White House was "100%" behind him.

Asked if he is sending a signal to the Fed with the pair of nominations, Trump said: "None whatsoever". He's a friend of mine. "I think he'd be a breath of fresh air in the Fed, so far it's all systems go".

With two seats open, the President could seize the opportunity to appoint nominees who disagree with how Powell has steered the central bank's interest rate policy. Each of the 12 regional Fed banks has a nine-person board that includes local executives. "You can stop inflation faster than you can decelerate in deflation mode".

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Cain, who is 73, has little direct experience with monetary policy, but what track record he does have suggests a penchant for tighter, not looser, policy.

Cain also served four years on the Federal Reserve Bank of Kansas City, ascending to the position as chairman in 1995 after serving as deputy chairman from 1992-1994. He chaired the board from 1995 to 1996, when its president was the famously hawkish Thomas Hoenig. The concern, according to the minutes, was that continued economic growth could produce price pressures that needed to be contained by tighter policy.

But his popularity slipped amid sexual harassment allegations from several women, which he denied as "completely false". Mitt Romney is already publicly down on Cain and ambivalent about Moore, hoping for, as he told Politico, "someone.outside of the political world.an economic leader not a partisan leader".

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