Herman Cain's appointment as a Federal Reserve governor looks to be moving forward.
The former Republican presidential candidate and Godfather's Pizza CEO was rumored to be under consideration for a central bank appointment in January. Axios first reported Thursday that President Donald Trump is just about ready to submit Cain's name to the Senate but is awaiting the completion of a background check. Bloomberg News later confirmed Trump was selecting Cain, 73. A source familiar with the matter did not deny the reports to CNBC.
"He won't formally announce until the vet is completed ... But he likes Cain and wants to put him on there," said a senior official quoted by Axios who has discussed the matter with the president.
Trump also has said that he intends to nominate economic commentator Stephen Moore to the Fed board. That move has been caught in controversy over recent revelations about Moore regarding a delinquent tax bill and a child support payment dispute with his ex-wife.
The president has been open in his disdain for the Fed, saying a succession of rate hikes has limited economic growth. According to a recent Wall Street Journal report, Trump told Fed Chairman Jerome Powell that he felt like he was "stuck" with him.
With Cain, the Fed would get someone who has experience in central banking. He served in multiple positions from 1989 to 1996 at the Kansas City Fed, including as chairman, before pursuing political activities.
However, he may not be quite in line with Trump's preference for low rates. In 2014, he warned that the Fed couldn't keep holding its benchmark interest rate near zero.
Cain tweet
The White House declined to comment.
