Trump is reportedly set to name former GOP presidential candidate and pizza chain CEO Herman Cain to the Federal Reserve Board

Herman CainMolly Riley/AP Photo

  • President Donald Trump is set to appoint Herman Cain to the Federal Reserve Board, according to Axios.
  • Cain is best known as the CEO of Godfather's Pizza and a 2012 GOP presidential candidate who developed the "9-9-9" tax plan.
  • Cain dropped out of the race in 2012 after reports that he settled two sexual harassment lawsuits.
  • Cain would be Trump's second pick for the Fed Board in the past month, following conservative economist Stephen Moore.

President Donald Trump is set to appoint Herman Cain - the former Republican presidential candidate and CEO of the Godfather's Pizza restaurant chain - to the Federal Reserve Board, according to a new report.

Axios reported Thursday that Trump has told advisers Cain will be nominated to one of the top jobs at the central bank, but is waiting on the former businessman's background check to come back before making the announcement. Cain was previously rumored as a candidate in January.

Cain did serve as the chairman of the Federal Reserve Bank of Kansas City's Omaha branch from 1989 to 1991 and the chairman of the entire Kansas City Fed in 1995 and 1996. Directors of the Fed's 12 branches are typically businesspeople from the district rather than economists steeped in monetary policy.

Beyond his Fed role, Cain was CEO of the Godfather's Pizza chain, and also CEO of the the National Restaurant Association.

As a Republican presidential candidate in 2012, Cain was perhaps best known for his "9-9-9" tax plan, which called for a simplified tax code with a 9% personal income tax, a 9% federal sales tax, and a 9% business-transaction tax.

But Cain was dogged by reports that two women received settlements after accusing Cain of sexual harassment during his time at the National Restaurant Association and eventually dropped out of the race. Cain denied the allegations.

The Fed Board seat would be subject to Senate approval, so there is a good chance that the allegations would come up in the nomination hearing.

Read more: Trump is planning to appoint a conservative economist to the Federal Reserve Board who has repeatedly called for all its members to be fired

This is also the second Fed Board member the president will choose in the span of a month.

Trump tapped conservative economist Stephen Moore for a Fed Board seat on March 22. While Moore's nomination is moving ahead, there have been numerous questions about the economist's repeated attacks on the Fed, personal life, track record as a forecaster, and basic knowledge of monetary policy.

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