The prospective nominee promises to pursue a stable dollar if confirmed to a central bank board that he thinks is too dominated by academics.
Prospective Federal Reserve nominee Herman Cain promised to pursue a stable dollar if confirmed to a central bank board that he thinks is too dominated by academics.
"The Fed still operates on the 'professor standard,' enshrined with Bill Clinton's nominations of pure academics. Their textbooks say strong economic growth, particularly strong wage growth, causes inflation, which Fed policy should temper," Cain wrote. President Donald Trump has said he intends to nominate Cain as a Fed governor, though he has not yet sent the name to the Senate. The potential nomination faces a tough test in the upper chamber, where at least four Republicans have said they plan to oppose Cain, seemingly dooming his chances. In addition, White House economic advisor Larry Kudlow said earlier this week that the administration is continuing to interview possible candidates.
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