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Trump picks Herman Cain for Fed, news reports say

Trump picks Herman Cain for Fed, news reports say

President Donald Trump intends to nominate Herman Cain, the former pizza company executive who ran for the 2012 Republican presidential nomination, for a seat on the Federal Reserve Board, according to people familiar with the matter.

He adds, "I think he would do very well there".

More seriously, Mr Cain has also faced multiple sexual harassment allegations.

The president has already said he plans to nominate another conservative ally, Stephen Moore, for a separate vacancy on the board.

"I find Herman to be an outstanding person", Trump told reporters during an Oval Office appearance with the vice premier of China on Thursday.

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Trump has departed from the practice of recent previous administrations of not commenting on Fed interest rate policy, repeatedly criticizing the central bank for a rate-hike campaign it brought to an abrupt end last month. I suspect Cain is also on board.

Former Republican presidential candidate Herman Cain waves as he take the stage to address the Faith & Freedom Coalition Road to Majority Conference in Washington June 15, 2013. He recently pushed the Fed to target commodity prices in setting interest rates, a view rarely advocated by economists and monetary policymakers.

"With the 2020 election on the horizon, please become a Founding Member with America Fighting Back PAC by making a contribution of $25, $50, $100, $500, or even $1000 to help us take on all the D.C. forces out to get President Trump", the email said. But his candidacy imploded after he was accused of sexual harassment during his time at the helm of the National Restaurant Association in the 1990s, and an Atlanta woman alleged they had an affair for 13 years.

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. He's a highly respected man.

Trump has lamented his decision to appoint Jerome Powell to chair the Federal Reserve, saying he deeply regrets the decision. In addition to choosing Powell for the chairmanship, Trump has nominated all the current Fed board members with the exception of Lael Brainard, who was nominated by Barack Obama. Mr. Moore blames those increases for a drop in commodity prices at the end of previous year. Since January, the Fed has reversed course and now says it expects no further rates hikes this year.