Trump recommends 'good friend' Herman Cain for Fed board

Reno Nevada. Hundreds of people attended an Americans For Prosperity rally to see former Republican presidential

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

Mr. Cain, the former CEO of Godfather Pizza, ran for the 2012 Republican presidential nomination. Moore's nomination has ignited criticism that he is unqualified and too politically minded to serve on the board of the world's most influential central bank.

Multiple sources had earlier reported Trump wanted Cain to fill one of two vacancies on the seven-member Fed board.

The White House declined comment.

On Friday morning, AEDT, Mr Trump told reporters he had "recommended [Mr Cain] highly for the Fed", describing him as "a very terrific man" and "a friend of mine".

"I didn't think Trump could do worse than Stephen Moore for the Fed", Nobel Prize-winning economist Paul Krugman tweeted.

He advocated for the return to the gold standard during his presidential campaign and as recently as December 2017 defended higher interest rates, a position that contrasts with Trump's repeated criticisms of the Fed previous year.

"I've recommended Herman Cain".

Rampell also notes that Cain has gotten involved in right-wing grift schemes ever since his presidential campaign went down in flames in 2012.

The Fed approved four interest rate hikes in 2018, continuing a move toward policy normalization that began in 2015. The vocal Trump supporter since the 2016 presidential election has been a longtime critic of the Fed.

"Perhaps the bigger issue is that Cain has said - repeatedly - that the United States should return to the gold standard", she writes.

Prior to Cain and Moore, most Fed-watchers didn't see previous Trump appointees as just out to prop up the president's desire to sell positive economic performance to voters.

Romney was referring to Cain's proposal from his 2012 presidential campaign that would erase all existing taxes and implement a 9 percent personal income tax, a 9 percent federal sales tax, and a 9 percent corporate tax.

Brown said the February 5 fundraising email was likely approved before Cain's meeting with Trump, after which "he immediately ceased his efforts". Those verbal public attacks have slowed as the Fed has signaled it will pause raising rates this year - a fact that Powell says has had no influence on how the central bank's interest rate setting decisions. The White House announced Thursday that Trump was nominating Michelle Bowman, a Kansas banking regulator, for a full 14-year term on the Fed.

In March, the Fed left interest rates unchanged after concluding a two-day policy meeting, and again pledged to be patient with future rate hikes.

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