Trump’s Next Possible Fed Nominee Can’t Understand Basic Policy Issues

In Conflict of Interest, Economy On

Nein, nein, nein.

That should be the Senate’s response if President Trump actually nominates his friend Herman Cain, the former pizza magnate turned failed Republican presidential candidate, to the Federal Reserve Board, as Trump said he plans to do.

Cain would be Trump’s second proposed addition to the Fed in as many weeks, the other being longtime partisan operative Stephen Moore. Even before this month, though, Trump had ample opportunity to reshape the Fed in his anti-institutional, anti-intellectual image. Thankfully — surprisingly, in fact — he had refrained.

For other executive branch appointments, Trump seems to have selected nominees based on who would be the absolute worst person for any given position. But until recently, his Fed choices seemed . . . totally reasonable. He has picked four out of the five already-confirmed Fed board members, all of whom are competent, well-qualified professionals — all reliable Republicans, too, but Republicans who have performed their jobs apolitically. Exactly as members of the central bank, which is politically independent, are supposed to do.

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