Herman Cain, the former pizza company executive who ran for the Republican presidential nomination in 2012, is being considered by President Donald Trump for a seat on the Federal Reserve Board.
Cain, 73, was in the White House on Wednesday, according to people familiar with the matter.
Two seats on the Fed board are vacant, but nominating Cain raises the prospect of a Senate confirmation hearing focused on the sexual harassment and infidelity accusations that ended his presidential campaign.
The people declined to be identified discussing the matter because Trump hasn’t made a decision. Cain was also under consideration for other possible top government posts.
The president’s top economic adviser, Larry Kudlow, said last week that the White House wants Fed governors “who understand that you can have strong economic growth without higher inflation.”
Cain had a long corporate career and is also familiar with the Federal Reserve system. From 1992 to 1996, he served as a director of the Federal Reserve Bank of Kansas City, as well as deputy chairman and then chairman.
Last year, Trump repeatedly attacked U.S. Federal Reserve Chairman Jerome Powell for raising interest rates, and Bloomberg News reported last month that the president 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.
America’s central bankers find themselves at a pivotal moment. They concluded their quarterly meeting on Wednesday with a signal that they were pausing rate hikes, and expressed more flexibility to alter their balance sheet runoff plans, which have been criticized by Trump. The policy rate was left unchanged.