Published: Вс, Апреля 07, 2019
Business | By Eloise Houston

Trump to pick former presidential candidate Herman Cain for Fed seat

Trump to pick former presidential candidate Herman Cain for Fed seat

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. "But (Trump) likes Cain and wants to put him on there". "This stance is one Moore has also intermittently espoused, and it has been roundly rejected by actual economic experts".

"Cain spent the years following his failed presidential campaign spamming his email followers with snake-oil scams, promising "weird tricks" that would make his followers get rich quick or "naturally" cure their erectile dysfunction", she writes. Trump's other Fed appointees have also supported the Powell Fed's rate hikes, which the president has said hurt the economy.

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"I doubt that will be a nomination".

The selections of Cain and Moore would require Senate confirmation, and their potential nominations could face hurdles in the Senate. Sen.

During the presidential campaign, Cain became known for his "9-9-9" tax plan, which would have replaced much of the US tax code with a flat 9 percent tax on sales transactions as well as corporate and individual income.

Mr. Trump said officials are doing a background check, though he thinks Mr. Cain will be in "great shape".

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Cain's likely nomination drew criticism from Utah Republican Senator Mitt Romney.

First of all, the gold standard is never going to happen.

"I find Herman to be an outstanding person", he added.

Trump has repeatedly denounced the Fed leadership of Powell, whom he selected as chairman after deciding not to re-nominate Janet Yellen.

While the links between Fed interest rate policy policy and the money supply are complex and much-argued, the general theory Moore is working under is that lower interest rates will help goose employment and asset values in the short term, which is good for Trump. He did not respond to a request for comment. Mr. Moore blames those increases for a drop in commodity prices at the end of previous year.

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.

Even with that change, Trump has kept up his attacks on the Fed.

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