Herman Cain says he faces "uncomfortable" vetting for the Fed bank


WASHINGTON (Reuters) – Former Republican presidential candidate Herman Cain said he would face a "heavy" process as he is eligible for a seat on the Federal Reserve Board.

FILE PHOTO: Former Republican presidential candidate and Georgia businessman Herman Cain speaks at the South Republican Leadership Conference at Charleston College in Charleston, South Carolina January 19, 2012. REUTERS / Chris Keane / File Photo

In a video posted on Facebook on Friday, Cain said he should deliver 50-year records in business, including countless professional jobs, forums and extensive speeches.

The 73-year-old said it was unclear whether he would go through the FBI's background check, a standard practice before a high-profile appointment.

"Whether or not it is through this process – Time will tell," said Cain. "Would I be disappointed if I can not go through this process? No. Would I be thrilled and honored if I could go through this process? Yes. That's the bottom line.

US President Donald Trump said on Thursday that he plans to appoint Cain, a former pizza chain executive. "I recommended it a lot to the Fed," Trump said. "I told my parents that this is the man."

Cain's appointment would need to be approved by the US Senate. "They have to collect an inordinate amount of information about you, your background, your family, your friends, your animals, your pets over the last 50 years," Cain said.

Cain said that people who do not like him "are already digging up all the negative things that have been stored for eight years." He added, "I'll be able to explain this time."

Cain led opinion polls for a while during Republican nomination contests, backed by his signature 9-9-9 fiscal proposal, which would have charged a flat 9 percent rate of corporate income and sales.

But his popularity fell amid allegations of sexual harassment of several women, which he denied as "completely false."

Cain made his fortune as Godfather's Pizza chief executive before launching an offer for the Republican presidential nomination in 2012.

Trump has been a shrill critic of the Fed's interest increases under Jerome Powell, whom the president chose two years ago to chair the US central bank. Others named by the Trump Fed also backed the increases in the rates of the Powell Fed, which the president said had damaged the economy.

Report by David Shepardson; Edited by Daniel Wallis

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