President Trump wants to appoint Herman Cain, the former Republican presidential candidate, to the Federal Reserve board, but is waiting for the completion of his background check before making a formal announcement.
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Late Thursday, Trump said Cain would do "very well" at the Fed. Cain's appointment was reported by Axios earlier in the day.
Bloomberg previously reported in January that Trump was considering nominating Cain, the former CEO of Godfather’s Pizza, to the board. Doing so, however, raises the possibility of Capitol Hill testimonies regarding sexual harassment allegations against Cain, which ultimately derailed his 2012 candidacy for the Republican presidential nomination.
Cain previously served multiple positions within the Kansas City Federal Reserve between 1989 and 1996.
Trump has been a harsh critic of the interest rate policy set by the Federal Reserve. This week, the president reportedly blamed the Fed, and its chair, Jerome Powell, for slowing down the economy once again, despite the central bank recently saying that it foresees no rate hikes in the year ahead.
At the end of March, Trump said he would appoint Stephen Moore, a conservative economic analyst and frequent Fed critic, to the board. The White House, however, has not sent the nomination to the Senate.
If nominated and approved, Moore and Cain would fill the two remaining vacancies on the Fed’s seven-member board.