In the past couple of weeks, President Donald Trump is reported to have settled on two choices for open seats on the Federal Reserve Board of Governors: former Club for Growth president and Heritage Foundation economic policy analyst Stephen Moore, and former Godfather’s pizza boss and 2012 GOP presidential hopeful Herman Cain. Cain from 1989-96 served in various capacities, including chairman of the board, with the Federal Reserve Bank of Kansas City, though Cain doubters argue such positions are more honorary for local business leaders than proving any monetary policy savvy.
Neither Cain nor Moore are technically trained academic economists, which alarms many, although, as has been argued by former Federal Reserve Bank of Dallas analyst Danielle DiMartino Booth, board members with more varied real-world experience might be useful voices in central bank decision-making.
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