Herman Cain set to get Trump nomination to Fed

US President Donald Trump walks after stepping off Marine One on the South Lawn of the White House

US President Donald Trump walks after stepping off Marine One on the South Lawn of the White House

The likelihood that Cain is actually approved by the Senate is dwindling, according to analysts. Moore's nomination has struck criticism that he is unqualified and politically focused for a Fed board chair.

Visit BusinessInsider.com for more stories. Cain's bid for president in 2012 was derailed by accusations of sexual harassment that he has repeatedly denied.

While Trump has not yet officially submitted the nomination for Cain to the Senate, reports indicate that many lawmakers are not at all enthused by the selection.

Cain served as a director at the Kansas City Fed in the 1990s.

Former Republican presidential hopeful Herman Cain speaks at the National Press Club in Washington, Jan. 24, 2012. "It's the president's right and obligation to nominate people to the board".

"There are concerns that are being voiced to the administrations about qualifications", Thune said. "Herman is a great guy and I hope he does well".

Senators were also concerned that Trump had not vetted potential nominees to the committee prior to releasing names to the public. "And we would tell them that, if asked". The vice president could break a 50-50 tie, though that is rare with a presidential appointee, especially for the Fed.

Despite the potential trouble for Cain, Trump stood by the former pizza chain CEO as a person while talking to reporters Wednesday.

People "are not going to vote against someone who has been this successful on the economy", Moore said on Monday, adding in another interview that day that he is "looking forward to getting over to the Fed". "He's just somebody I like a lot". "As to how he's doing in the process that I don't know..."

Cain "will make that determination" whether to continue.

Cain and Moore are battling hard for the two vacant seats on the Federal Reserve's Board of Governors, positions that would give them a say for years on interest-rate policy and bank regulation.

Romney previously told Politico that he was hesitant about Cain's nomination.

Two Republican senators raising issues, Kevin Cramer of North Dakota and Tim Scott of SC, are members of the Banking Committee, whose nomination hearing would be a critical step prior to full Senate chamber consideration, should Cain be formally named. The president has said he intends to nominate another secretary, Stephen Moore, for a separate vacancy on the board.