An American president’s nominee for the U.S. Supreme Court has never been and never will be an outspoken, highly partisan political commentator, i.e. Rush Limbaugh or Rachel Maddow. Surely a president would not nominate a person with little to no legal experience to sit on the highest court in the land. How the Federal Reserve Board functions is similar to that of the Supreme Court. Both entities are in no way directed or tied to the U.S. president or the executive branch.
The nominee for the Federal Reserve Board should be a highly regarded macroeconomist, preferably with a Ph.D. from a highly regarded university that understands all the important principles of monetary policy. This individual should be someone who has no political skin in the game and able to exercise all economic policy decisions free from political persuasion or tied connection.
Herman Cain, who President Trump has recently appointed to serve on the Federal Reserve Board, is the former CEO of Godfather's Pizza, a former candidate for the presidency of the United States, a Tea Party activist and a conservative radio host. Cain’s confirmation to the Fed board would be a poor decision and a step in the wrong direction. The job description of a person on the Fed entails having a vast understanding of macroeconomics at the federal level, including understanding the supply of money and credit; regulating and supervising financial institutions. Mr. Cain has nearly no experience with the above mentioned.14 comments on this story
As if being unqualified wasn’t enough, Herman Cain is an outspoken right-wing political commentator who is tied to the hip with the president of the United States. His supporters might say he is deserving of this appointment because he served on the board of the Regional Federal Bank in Kansas City from 1989-1996. Although true, he was specifically brought on as a Class C Captain of Business Industry expert mainly due to his success in building the Godfather's Pizza franchise. He was in no way involved in setting monetary policy.
He helped corral good advice, but he was not an economist. There is little in this man’s decadesold experience that remotely suggests he is qualified for such an important position. For the love of everything, please Mr. President, withdraw his name and give us a more common-sense nominee who has the resume and experience needed to sit on the Federal Reserve Board.
North Salt Lake