President Trump said Thursday he will recommend former presidential candidate and pizza company executive Herman Cain to fill one of the seven seats on the Federal Reserve Board.
“He’s a very terrific man, terrific person,” Mr. Trump told White House reporters. “I have recommended him highly for the Fed.”
Mr. Trump said officials are doing a background check, though he thinks Mr. Cain will be in “great shape.”
The anticipated selection been reported earlier Thursday by Bloomberg News and Axios.
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 country’s 2018 gross domestic product from hitting 4 percent.
The president plans to fill another empty seat on the board with Stephen Moore, a conservative economist and who is close to Mr. Trump. Some critics say his background is insufficient and that his outspoken political views make him a poor fit for a position that’s viewed as nonpartisan.
• Tom Howell Jr. contributed to this story.
• Bailey Vogt can be reached at bvogt@washingtontimes.com.
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