Report: Trump Considering Herman Cain For Seat On Federal Reserve Board

ROCK HILL, SC - DECEMBER 2:  Republican presidential candidate Herman Cain speaks to supporters during a town hall meeting at Laurel Ridge on December 2, 2011 in Rock Hill, South Carolina. Cain said he would make an announcement about his campaign in Atlanta tomorrow.  (Photo by Davis Turner/Getty Images)
ROCK HILL, SC - DECEMBER 2: Republican presidential candidate Herman Cain speaks to supporters during a town hall meeting at Laurel Ridge on December 2, 2011 in Rock Hill, South Carolina. Cain said he would make an ... ROCK HILL, SC - DECEMBER 2: Republican presidential candidate Herman Cain speaks to supporters during a town hall meeting at Laurel Ridge on December 2, 2011 in Rock Hill, South Carolina. Cain said he would make an announcement about his campaign in Atlanta tomorrow. (Photo by Davis Turner/Getty Images) MORE LESS

President Trump met with former Republican presidential candidate Herman Cain on Wednesday and is considering nominating Cain for a seat on the Federal Reserve board, Bloomberg News reported on Thursday.

Cain sought the Republican presidential nomination in 2012 but dropped out of the race in December 2011 after several accusations of sexual misconduct by Cain came to light. He initially pushed back on the allegations but later admitted he paid a settlement to a woman who accused him of sexual harassment.

Before the allegations surfaced, Cain had been leading the field to be the Republican nominee in 2012.

Cain, the former executive of Godfather’s Pizza, has also served as the chairman of the Federal Reserve Bank of Kansas City in Missouri.

Nominees for the Federal Reserve board are subject to Senate confirmation, so it’s unclear whether the Senate would approve Cain’s nomination given his past sexual misconduct allegations.

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