TIME Economy

President Trump Reportedly Planning to Pick Herman Cain for Fed Board

Trump plans to announce his selection very soon, the people said

[video id=EOK1cU0n ]

President Donald Trump intends to nominate Herman Cain, the former pizza company executive who ran for the 2012 Republican presidential nomination, for a seat on the Federal Reserve Board, according to three people familiar with the matter.

Trump plans to announce his selection very soon, the people said.

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

Trump has repeatedly attacked U.S. Federal Reserve Chairman Jerome Powell for raising interest rates, and Bloomberg News reported in December that the president had even discussed firing him. One way the president can directly influence monetary policy is through nominations to the Fed board, though anyone he picks must be confirmed by the Senate.

Your browser is out of date. Please update your browser at http://update.microsoft.com


YOU BROKE TIME.COM!

Dear TIME Reader,

As a regular visitor to TIME.com, we are sure you enjoy all the great journalism created by our editors and reporters. Great journalism has great value, and it costs money to make it. One of the main ways we cover our costs is through advertising.

The use of software that blocks ads limits our ability to provide you with the journalism you enjoy. Consider turning your Ad Blocker off so that we can continue to provide the world class journalism you have become accustomed to.

The TIME Team