Cain is able to do the Federal Reserve job

Then, to be chairman of one of the 12 regional branches of the Fed is another huge step above. As financial columnist Jim Bianco wrote for Bloomberg Opinion, “Regional Fed banks have large staffs of economists and researchers. The Presidents marshal these resources to support independent thought and policy approaches.” Moreover, all of the 12 regional chairmen attend the eight annual meetings of the Federal Open Market Committee, which is the group that does the most public work of the Federal Reserve Board, namely setting the “discount interest rate” and conducting the Fed’s open market operations.

When headlines say the Federal Reserve loosened or tightened monetary policy, it is the Federal Open Market Committee’s decisions of which they speak. Someone like Cain, who spent years in the overall Fed system, culminating by participation at the policymaking meetings, is manifestly well versed in the relevant issues involved.