President Donald Trump is preparing to tap former presidential candidate Herman Cain for a seat at the Federal Reserve, according to media reports on Thursday.
Trump is awaiting the results of background checks but hopes to make the announcement soon, the website Axios reported, citing unnamed officials with knowledge of the matter.
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.
A 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.
Trump last year called the Fed "crazy" and "out of control" for pursuing four interest rate hike as the economy sped up in the wake of recent tax cuts and fiscal stimulus.
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.
Expectations are mounting among investors that the Fed could even cut its benchmark lending rates.
Disclaimer: No Business Standard Journalist was involved in creation of this content
