President Donald Trump reportedly is considering tapping Herman Cain to fill one of the two vacant seats on the Federal Reserve’s board.
Cain, 73, served as a director on the board of the Kansas City Fed from 1992-1996. He eventually rose to become chairman of the board. He had been a board member of the Omaha branch of the Kansas City Fed since 1989.
Fed directors are dedicated representatives of Main Street business, community development, organized labor, and financial services sectors. As a Class C director, Cain’s role was to represent the public–as opposed to the banking sector–on the board. Class C directors cannot be affiliated with the banking industry.
Cain campaigned for the Republican nomination in the 2012 presidential contest. He was best known for his 9-9-9 tax plan which would have replaced the current tax system with flat 9 percent taxes on personal income, a 9 percent corporate income tax, and a 9 percent sales tax. – READ MORE