Herman Cain is a gold bug and advocated for the gold standard

Former Republican presidential candidate Herman Cain speaks at the

On March 22, the president said he would nominate Stephen Moore, a conservative columnist and pundit, to fill one of those seats.

In Cain and Moore, Trump would place two political loyalists on the board of a central bank that has frequently crossed him.

Cain, who served as chairman of the Federal Reserve Bank of Kansas City, ran unsuccessfully for president during the 2012 election cycle.

In a 2012 Wall Street Journal column, Cain said that the Fed's policies manipulated the value of the dollar.

Rampell also notes that Cain has gotten involved in right-wing grift schemes ever since his presidential campaign went down in flames in 2012.

Cain's likely nomination drew criticism from Utah Republican Senator Mitt Romney.

Trump told reporters Thursday that he believed that after the background checks Cain would "be in great shape". But at the time, the White House said Trump was considering multiple candidates for the two vacancies on the Fed board.

Cain has criticized Federal Reserve policies in the past, suggesting in a 2012 Wall Street Journal column that the US should return to the gold standard.

Yankees Slugger Giancarlo Stanton Out With Biceps Strain, Clint Frazier Called Up
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At the time, Cain said the allegations were incorrect but acknowledged "he had made mistakes in my life", according to Bloomberg.

"I find Herman to be an outstanding person", he added.

Trump has been highly critical of Powell, the person he picked to be Fed chairman after deciding that he would not renominate Janet Yellen. In addition to choosing Powell for the chairmanship, Trump has nominated all the current Fed board members with the exception of Lael Brainard, who was nominated by Barack Obama. She joined the Fed last year, taking over a term that will end next year.

This year the Fed has signalled a pause amid signs the global economy is slowing, with policymakers expecting they will not raise rates at all in 2019.

In recent public writings and private meetings with Mr. Trump, Mr. Moore has pushed for the Fed to reverse at least two of the four interest rate increases that it approved previous year.

Expectations are mounting among investors that the Fed could even cut its benchmark lending rates.

"Had the Fed not mistakenly raised interest rates, especially since there is very little inflation, and had they not done the ridiculously timed quantitative tightening, the 3.0% GDP, & Stock Market, would have both been much higher & World Markets would be in a better place", the president tweeted last week.

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