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Herman Cain set to get Trump nomination to Fed

Herman Cain set to get Trump nomination to Fed

He launched an unsuccessful bid for the 2012 Republican presidential nomination.

Cain also has Senate supporters, including Georgia Sen. Cramer has questioned Cain's fitness because of sexual harassment allegations made against him.

"Herman's a great guy and I hope he does well", Trump said on the lawn of the White House before departing for Texas.

He served from 1992-96 as a director of the Federal Reserve Bank of Kansas City, and has been critical of the Fed's bank rate policy, claiming it "manipulates the dollar" in an op-ed for the Wall Street Journal.

"I have a pretty populist agenda that I'm pursuing, which is more growth, higher wages, more transparency and more sunlight on how the Fed operates", Moore said, calling those priorities "the right things to do" and saying that he wants "to talk directly to the American people". Lisa Murkowski and Cory Gardner have also told reporters they plan to vote "no" on Cain. However, the president cast doubts on the process going forward.

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Republicans and Democrats have raised questions about whether Trump's choices of both Cain and Moore, two political allies, would elevate concerns about the political independence of the Fed. "He's just a man that i actually like a lot".

"If Herman Cain were on the Fed, you'd know the interest rate would soon be 9-9-9", Romney said, referring to Cain's famous pitch for the presidential nomination wherein he promised a 9% tax on personal income, the federal sales tax and on the corporate rate.

In an email, Neil Dutta, the chief economist at Renaissance Macro Research, cited the Politico story and said that Cain's nomination looked "cooked".

Trump has nominated Herman Cain and Stephen Moore, both of whom have hefty baggage that have headlined the news for weeks. The nomination of moore has encountered criticism that he is overly focused for a Fed board seat and unqualified.

But with even more pressing concerns on Cain's record, Moore could look more acceptable to GOP senators by comparison according to Chris Krueger, a policy strategist at Cowen Washington Research Group. The president has said he intends to nominate another secretary, Stephen Moore, for a separate vacancy on the board.