The nominations are highly controversial, but if he were successful, Mr Trump would not be the first to appoint political allies to the Fed board.
Cain, who served as chairman of the Federal Reserve Bank of Kansas City, ran unsuccessfully for president during the 2012 election cycle. An Atlanta woman also said she had conducted an extramarital affair with Cain for more than 13 years.
President Trump said Thursday he is recommending Herman Cain, a political ally and former presidential candidate, for a seat on the Federal Reserve Board. In addition to selecting Powell for the top job, Trump has nominated all the current Fed board members with the exception of Lael Brainard, who was nominated by Barack Obama.
Romney was referring to Cain's proposal from his 2012 presidential campaign that would erase all existing taxes and implement a 9 percent personal income tax, a 9 percent federal sales tax, and a 9 percent corporate tax.
President Donald Trump speaks in the Cabinet Room of the White House, April 4, 2019.
"But if it were a nomination, you can bet [what] the interest rates he would be pushing for.If Herman Cain were on the Fed, you'd know the interest rate would soon be 9-9-9". Mr. Moore blames those increases for a drop in commodity prices at the end of past year.
"Had the Fed not mistakenly raised interest rates, especially since there is very little inflation, and had they not done the ridiculously timed quantitative tightening, the 3.0% GDP, & Stock Market, would have both been much higher & World Markets would be in a better place", the president tweeted last week.