Herman Cain’s appointment as a Federal Reserve governor looks to be moving forward.
Trump also has said that he intends to nominate economic commentator Stephen Moore to the Fed board. That move has been caught in controversy over recent revelations about Moore regarding a delinquent tax bill and a child support payment dispute with his ex-wife.
The president has been open in his disdain for the Fed, saying a succession of rate hikes has limited economic growth. According to a recent Wall Street Journal report, Trump told Fed Chairman Jerome Powell that he felt like he was “stuck” with him.
With Cain, 73, the Fed would get someone who has experience in central banking. He served in multiple positions from 1989 to 1996 at the Kansas City Fed, including as chairman, before pursuing political activities.
However, he may not be quite in line with Trump’s preference for low rates. In 2014, he warned that the Fed couldn’t keep holding its benchmark interest rate near zero.
The White House declined to comment.