Herman Cain, a former Republican presidential candidate, is reported to be under consideration for a seat on the Federal Reserve
(SPENCER PLATT)

Washington (AFP) – US President Donald Trump said Thursday he planned to tap former presidential candidate Herman Cain for a seat at the Federal Reserve.

“I have recommended Herman Cain,” Trump told reporters at the White House.

“He is a highly respected man, he is a friend of mine, he is somebody that gets it.”

Cain would fill one of two vacancies on the Fed’s seven-member board. Trump also reportedly plans to name economic commentator Stephen Moore, a long-time Trump loyalist, for the other.

By adding two supporters to the Fed, Trump could give greater weight to his views at an independent institution that has repeatedly displeased him.

But Moore, known for highly criticized views on monetary policy, also faces uncomfortable questions from lawmakers concerning unpaid income taxes and penalties.

Prominent Trump supporter Cain previously served as a board member at the Kansas City Federal Reserve Bank and CEO of a pizza restaurant chain.

A candidate for the Republican Party’s nomination in the 2012 presidential elections, he suspended his campaign following allegations of sexual misconduct, which he denied.

In a tweet on Thursday, Trump called the Fed’s actions “highly destructive.” The central bank last year raised interest rates four times as the economy sped up in the wake of recent tax cuts and fiscal stimulus, causing Trump to brand it “crazy” and “out of control.”

This year the Fed has signaled a pause amid signs the global economy is slowing, with policymakers expecting they will not raise rates at all in 2019.

Disclaimer: Validity of the above story is for 7 Days from original date of publishing. Source: AFP.