President Donald Trump is planning on nominating Herman Cain, who previously served as CEO of Godfather's Pizza and ran for the Republican presidential nomination in 2012, for a seat on the board of the Federal Reserve, Bloomberg reports. Trump intends to announce his decision soon, said three sources who wished to remain anonymous because the White House has yet to make an official statement.
Cain would take one of two open positions on the board. The president intends to appoint long-time Trump supporter and visiting fellow at the Heritage Foundation Stephen Moore for the other. The move to appoint Cain and Moore would give Trump two political allies on the board of the central bank that has repeatedly acted in conflict of the president's wishes.
Trump has frequently criticized Federal Reserve Chairman Jerome Powell for increasing interest rates, and according to Bloomberg, Trump even considered firing him at one point in December. Though the president's control on monetary policy is limited, he can increase his influence through nominations to the Fed board, all of whom must be confirmed by the Senate, however.
In September, Cain co-founded a pro-Trump super PAC called America FIghting Back PAC. A slogan on their website reads: “We must protect Donald Trump and his agenda from impeachment.”
In addition to having a long corporate career, Cain served as director of the Kansas City Federal Reserve Bank from 1992 to 1996. He ran for the 2012 Republican presidential nomination but dropped out after sexual harassment allegations during his leadership of the National Restaurant Association in the 1990's.
Cain was known for this "9-9-9" tax plan proposal during his campaign, in which he advocated for a flat nine percent tax on sales transactions and corporate and individual income.