AP NEWS

Herman Cain eyed to fill vacancy on Federal Reserve Board: Report

April 4, 2019

President Trump will reportedly nominate Herman Cain, a former presidential candidate and pizza company executive, to fill one of the seven seats on the Federal Reserve Board.

“Three people familiar with the matter” said Mr. Trump will announce his selection soon, Bloomberg News reported on Thursday.

Mr. Cain, the former CEO of Godfather Pizza, ran for the 2012 Republican presidential nomination.

He became known for his “9-9-9” tax plan that would eliminate tax laws in favor of a 9 percent tax on sales, individual income and corporate income across the board.

Once nominated, Mr. Cain would have to be confirmed by the Senate.

Mr. Trump has repeatedly blasted the Federal Reserve, saying Thursday it took “unnecessary and destructive actions,” but he praised the rest of the U.S. economy.

The president was critical of the Federal Reserve for raising rates four times last year, calling them crazy in October after its fourth hike.

Mr. Trump even went as far as to blame the Federal Reserve in late March for preventing the countrys 2018 gross domestic product from hitting 4 percent.