US President Donald Trump has confirmed he recommended former Republican presidential hopeful Herman Cain for a seat on the Federal Reserve Board. He advocated for the U.S.to return to the gold standard during his presidential campaign and as recently as December 2017 defended higher interest rates, a position that contrasts with Trump's repeated criticisms of the Fed a year ago. "This stance is one Moore has also intermittently espoused, and it has been roundly rejected by actual economic experts".
Cain, who had a long corporate career, has also worked in the Federal Reserve system.
It is less lack of academic/technical training that's disturbing as the clear sense that both men are being appointed not for expertise but for team-playing loyalty to Trump.
The choice of Cain would mark the second nomination to elevate a Trump ally with deep roots in conservative politics to the Fed's main policy-making body, a panel that the president has sharply criticized in recent months as insufficiently committed to low interest rates.
Nominees to the Federal Reserve Board must undergo Senate confirmation.
During the presidential campaign, Cain became known for his "9-9-9" tax plan, which would have replaced much of the USA tax code with a flat 9 percent tax on sales transactions as well as corporate and individual income.
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"He's doing some pre-checking now and I would imagine he'd be in great shape", the president said. In the article, he advocated a return to the gold standard as a way to control inflation - a position taken by some other Fed critics but which most economists call unworkable.
"I find Herman to be an outstanding person", he added.
Cain's likely nomination drew criticism from Utah Republican Senator Mitt Romney. He's a highly respected man.
On Wednesday, White House economic adviser Larry Kudlow shrugged off the President's reported remarks, suggesting they may have been intended "lovingly".
Trump previous year called the Fed "crazy" and "out of control" for pursuing four interest rate hike as the economy sped up in the wake of recent tax cuts and fiscal stimulus.
Even with that change, Trump has continued to be critical.
In a tweet Thursday, Trump said the economy was looking very strong "despite the unnecessary and destructive actions taken by the Fed".