Hours after it was reported President Donald Trump intends to nominate former Republican presidential candidate Herman Cain for a seat on the Federal Reserve Board, Sen. Mitt Romney, R-Utah, raised issue with it.
"I doubt that will be a nomination. But if it were a nomination, you can bet [what] the interest rates he would be pushing for," Romney told Politico.
"If Herman Cain were on the Fed, you'd know the interest rate would soon be 9-9-9."
Romney was referring to Cain's proposal from his 2012 presidential campaign that would erase all existing taxes and implement a 9 percent personal income tax, a 9 percent federal sales tax, and a 9 percent corporate tax.
Cain previously served as chair of the Federal Reserve Bank of Kansas City from 1995-1996. He also worked as the chairman and CEO of Godfather's Pizza from 1986-1996.
Bloomberg reported earlier Thursday that Trump plans to nominate Cain and Stephen Moore, a visiting fellow at the Heritage Foundation, for two open Federal Reserve Board seats. Both men are Trump supporters.
Trump has repeatedly attacked Federal Reserve Chairman Jerome Powell for raising interest rates, and Bloomberg News reported in December that Trump had even discussed firing him. One way the president can directly influence monetary policy is through nominations to the Fed board, though anyone he picks must be confirmed by the Senate.
Material from Bloomberg was used in this report.
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