The Latest: Trump says Herman Cain 'the man' for Fed board

FeaturesAssociated Press

The Latest on President Donald Trump nominating Herman Cain for a seat on the Federal Reserve (all times local):

5 p.m.

Continue Reading Below

President Donald Trump says he's recommended Herman Cain, a political ally and former presidential candidate, for a seat on the Federal Reserve board.

Trump tells reporters that "I've told my folks that's the man."

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

Cain, a former CEO of Godfather's Pizza, ran for the 2012 Republican presidential nomination but dropped out after allegations of sexual harassment and infidelity.

The president has already said he plans to nominate another conservative ally, Stephen Moore, for a separate vacancy on the board. Moore's nomination has encountered criticism that he is unqualified and too politically focused for a Fed board seat.

___

2:50 p.m.

President Donald Trump is considering nominating Herman Cain, a political ally and former presidential candidate, for a seat on the Federal Reserve board, according to news reports.

The White House declined to comment, but Axios and the Wall Street Journal reported that Cain is being considered. The president has already said he plans to nominate another conservative ally, Stephen Moore, for a separate vacancy on the board. Moore's nomination has encountered criticism that he is unqualified and too politically focused for a Fed board seat.

Axios quoted two unnamed senior administration officials as saying Trump wants to nominate Cain but wants to await his background check.

Cain, a former CEO of Godfather's Pizza, ran for the 2012 Republican presidential nomination but dropped out after allegations of sexual harassment and infidelity.