President Trump plans to nominate former pizza CEO and 2012 Republican presidential candidate Herman Cain to the Federal Reserve Board, according to multiple media reports.
Axios, Bloomberg and The Washington Post reported Thursday that Trump was set to nominate Cain to one of two open spots on the Fed’s Board of Governors. The president’s interest in Cain was first reported by Bloomberg in January.
Trump plans to formally announce Cain’s nomination after the completion of a background check, Axios reported.
Cain served in various top advisory positions for the Federal Reserve Bank of Kansas City between 1989 and 1996, chairing the branch from 1995 to 1996.
Cain would have to be confirmed by the Senate.