U.S. President Donald Trump backed his decision to nominate Herman Cain for the Federal Reserve Board claiming that Cain Himself decided to withdraw his name from consideration. Herman Cain is currently facing scrutiny due to alleged sexual misconduct in the past, much like Trump's second candidate, Stephen Moore, who is also facing accusations over his behavior towards women.
"My friend Herman Cain, a truly wonderful man, has asked me not to nominate him for a seat on the Federal Reserve Board," said Trump on his twitter account, " I will respect his wishes. Herman is a great American who truly loves our country!" he added.
Trump's claims were backed by Cain himself on his blog, highlighting that the decision to withdraw his name was his and not Trump's.
"So anything you hear about a reason other than what I’ve laid out here is (OK, I’ll go ahead and say it) fake news," said Cain on his Blog.
Herman Cain was already a controversial choose due to his lack of credentials, his approach to monetary policy and his advocacy for a return to the gold standard, a position that is rejected by most of the monetary economics experts, who tend to favor a fractional-reserve banking system and fiat money.
Trump's decision comes amid what many analysists consider an attack to the central bank independence by the president, who was trying to put loyalists on the Federal Reserve Board and who has attacked the Fed chairman in the past for not complying with his wishes.
As for Moore's potential nomination, there has not yet been a formal move Trump for a nomination, and yet Moore has already come under attack. Republican Congressmen have declared that his previous behavior could affect his approval way more than his eccentric monetary policy stances.
Both Moore and Cain support Trump's bearish positions on monetary policy matters, asking for lower rates and criticizing the Fed's decision to be cautious. During the Obama era, they supported a more hawkish stance despite the nation's struggle to overcome the 2008 financial crisis.