WASHINGTON (Pakistan Point News / Sputnik - 05th April, 2019) US President Donald Trump told reporters he has nominated businessman and former Republican presidential hopeful Herman Cain to serve on the seven-member Federal Reserve board.
"I've recommended Herman Cain, he's a very terrific man, terrific person, he's a friend of mine," Trump said on Thursday. "I have recommended him highly for the Fed. I told my folks that that's the man. He's doing some pre-checking now."
Trump said he believes Cain would do very well on the Federal Reserve Board.
Cain is the chairman and CEO of Godfather's Pizza and ran for president as a Republican in 2012. He also served on the Federal Reserve Bank of Kansas City from 1992 to 1996.
On December 19, the Federal Reserve increased the interest rate for the fourth time in 2018 - from 2.25 percent to 2.5 percent. The Federal Reserve also indicated that it would press ahead with plans for more interest rate hikes in 2019.
US President Donald Trump appointed Jerome Powell to lead the Federal Reserve and cannot intervene in its work, but he has made his displeasure known with the interest rate increases in recent months.
