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Reuters

US President Donald Trump has confirmed he recommended former Republican presidential hopeful Herman Cain for a seat on the Federal Reserve Board.

Mr Trump told reporters at the White House Mr Cain is undergoing background checks to join America’s central bank.

The former pizza chain executive quit the White House race in 2012 amid allegations of sexual misconduct, which he denied.

Mr Trump has been accused of putting forward political loyalists to the Fed.

Arguably the world’s most influential bank, it is traditionally an independent body.

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The president last month offered a Fed position to another ally, conservative economist Stephen Moore.

US media recently reported that Mr Moore was charged in 2013 with contempt of court for failing to pay $300,000 (£230,000) in child support and alimony to his ex-wife.

Mr Trump has repeatedly expressed regret with his decision to appoint Jay Powell to the Fed chairmanship.

The president has also often called for lower interest rates – his predecessors have largely refrained from trying to sway monetary policy.

Mr Cain is the former chief executive of Godfather’s Pizza who also served a spell as chairman of the Kansas City Federal Bank.

It is unclear how the sexual harassment claims that derailed his presidential campaign may affect his federal background check.

If he ends up in front of Senate confirmation hearing he will probably be grilled about the allegations, as well as his views on monetary policy.

Mr Cain is also remembered for his 9-9-9 tax reform plan during the 2012 White House bid and this viral campaign video by an adviser.

Related Topics

  • US Federal Reserve
  • Donald Trump
  • Herman Cain