President Donald Trump is considering appointing Herman Cain, the former Godfather’s Pizza CEO and a 2012 Republican presidential candidate, to the Federal Reserve Board, according to a new report.
Bloomberg’s Jennifer Jacobs reported on Thursday that Cain was among the candidates Trump is considering for one of the two open spots on the board. While there hasn’t been a final decision, Cain did visit the White House on Wednesday, according to the report.
Cain is known for introducing a “9-9-9” tax plan— which would simplify the tax code to a 9% personal income tax, a 9% federal sales tax, and a 9% business-transaction tax — during the 2012 Republican primaries.
Cain was criticized during the campaign after reports that two women received settlements after accusing Cain of sexual harassment while he was the CEO of the National Restaurant Association. Cain denied the allegations.
The Fed job requires Senate confirmation, which could open Cain up to questions from lawmakers about the harassment allegations.
In addition to his roles in retail, Cain was the chairman of the Federal Reserve Bank of Kansas City’s Omaha branch from 1989 to 1991 and the chairman of the entire Kansas City Fed in 1995 and 1996.
According to Bloomberg, Cain could also be considered for another government position.
Trump has repeatedly criticized the Fed’s interest-rate increases under its current chairman, Jerome Powell, though Trump appointed him.
Read more: Federal Reserve Chairman Jerome Powell just brushed off months of attacks from Trump
The Fed has recently shifted its tone, deciding not to raise interest rates at a meeting that concluded Wednesday and issuing a more cautious outlook for hikes going forward.
A representative for the White House told Business Insider that the president “is looking at multiple candidates for the Federal Reserve Board.”
from Viral Update News http://bit.ly/2SfMY4O
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