Trump To Recommend Pizza Magnate Herman Cain For Fed Post

Spencer Platt  Getty Images North America

Spencer Platt Getty Images North America

Former pizza chain executive Herman Cain, U.S. President Donald Trump's pick for a position on the Federal Reserve's interest-rate setting panel, runs a political fundraising group that has spent more than half its money supporting Trump's reelection.

The White House did not immediately respond to a request for comment on the reports. "A truly outstanding individual I think he would do very well there". Trump is also considering nominating conservative commentator and longtime ally Stephen Moore to the Fed.

Trump's plan to nominate an overt loyalist for a spot on the Fed board comes as Trump over and over again lambastes the central bank for raising interest rates four times past year and could checker the Fed's long-cherished standing as an independent, apolitical body.

Mr Trump told reporters at the White House Mr Cain is undergoing background checks to join America's central bank.

"I've recommended Herman Cain". Mitt Romney, R-Utah, in the GOP presidential primary in 2012 but dropped out of the race after allegations emerged of sexual harassment and infidelity.

At a New Hampshire campaign, he announced: "We need a leader, not a reader" - a line taken from The Simpsons Movie in which Arnold Schwarzenegger, playing a U.S. president, says: "I was elected to lead, not to read".

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

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Trump previous year called the Fed "crazy" and "out of control" for pursuing four interest rate hike as the economy sped up in the wake of recent tax cuts and fiscal stimulus.

Asked if he had any concerns, Trump said: "None whatsoever". In addition to choosing Powell for the chairmanship, Trump has nominated all the current Fed board members with the exception of Lael Brainard, who was nominated by Barack Obama.

The President reportedly blamed Powell during meetings with Republican senators and staffers that if it hadn't been for a string of rate increases by the Fed last year's stocks would have risen higher and the budget deficit would not have widened as much, according to the Journal.

Last month, Powell said the Fed would pause planned rate increases because the USA economy was slowing - and could continue to slow in part due to a prolonged Trump trade war with China.

"The Fed should reverse its disastrous rate hikes" of September and December.

Even with that change, Trump has continued to be critical.

Despite the unnecessary and destructive actions taken by the Fed, the Economy is looking very strong, the China and USMCA deals are moving along nicely, there is little or no Inflation, and U.S. optimism is very high!

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