Politics

Trump choice of Herman Cain for Fed board could face hurdles

Published

7 years ago

April 4, 2019

WASHINGTON (AP) — President Donald Trump said Thursday that he intends to nominate Herman Cain, a conservative political ally and former presidential candidate, for a seat on the Federal Reserve board.

“I’ve told my folks that’s the man,” Trump told reporters in the Oval Office, adding that Cain is undergoing background checks before a nomination.

“He’s a very terrific man, a terrific person,” Trump said. “He’s a friend of mine.”

The choice of Cain would mark the second nomination to elevate a Trump ally with deep roots in conservative politics to the Fed’s main policy-making body, a panel that the president has sharply criticized in recent months as insufficiently committed to low interest rates.

The president two weeks ago said he planned to nominate Stephen Moore for a separate vacancy on the board. Moore’s nomination has ignited criticism that he is unqualified and too politically minded to serve on the board of the world’s most influential central bank. By design, the Fed is supposed to remain free of political taint in order to maintain the trust of financial markets and global policymakers.

Cain, a former CEO of Godfather’s Pizza, ran for the 2012 Republican presidential nomination but dropped out after allegations of sexual harassment and infidelity.

The selections of Cain and Moore would require Senate confirmation, and their potential nominations could face hurdles in the Senate. Sen. John Thune, the Republican whip, said lawmakers would want to question both men.

“They all have to go through the process and see whether or not they’re a good fit — both in terms of qualifications and just the experience and everything else,” Thune said. “You want somebody on the Fed to be somebody who’s very knowledgeable on economic issues.”

The seven-member Fed board, along with presidents of the Fed’s regional banks, plays a critical role in the U.S. economy, holding meetings to debate and vote on interest rates that affect everything from currency values to mortgage rates to savings accounts to the health of the economy.

After Trump announced his intention to nominate Moore to the Fed board, published reports indicated that Moore had had a lien of more than $75,000 filed against him in January 2018 for unpaid taxes and that he has fallen behind on alimony and child support payments to his ex-wife.

Still, Larry Kudlow, Trump’s top economic adviser, told reporters Wednesday that the president remains “fully behind” Moore’s nomination. Moore served as a campaign adviser to Trump in 2016 and helped formulate the president’s signature tax cut plan.

Like Trump, Moore has been sharply critical of the Fed, asserting in December that Chairman Jerome Powell should be fired for supporting a fourth Fed interest rate hike that month. Moore now says that comment was written “in a time of anger.”

Cain met with Trump in January to discuss a possible nomination to the Fed board. But at the time, the White House said Trump was considering multiple candidates for the two vacancies on the Fed board.

Cain, who formerly served on the board of the Fed’s Kansas City regional bank, has also criticized the central bank’s policies. In a 2012 Wall Street Journal column, Cain argued that the Fed’s policies had manipulated the value of the dollar. In the article, he advocated a return to the gold standard as a way to control inflation — a position taken by some other Fed critics but which most economists call unworkable.

In September, Cain co-founded a pro-Trump super political action committee, America Fighting Back PAC. It features a photo of the president on its website and says, “We must protect Donald Trump and his agenda from impeachment.”

Cain dropped out of the race for the 2012 Republican presidential nomination after allegations that he had engaged in sexual harassment when he led the National Restaurant Association in the 1990s. An Atlanta woman also said she had conducted an extramarital affair with Cain for more than 13 years.

Cain called the allegations false but said he had “made mistakes in my life.” Before leaving the race, Cain had put forward a “9-9-9″ tax plan that called for replacing the current tax system with a flat 9 percent business and individual income tax, and a 9 percent sales tax.

Trump told reporters Thursday that he believed that after the background checks Cain would “be in great shape.”

“I find Herman to be an outstanding person,” he added.

Asked if he had any concerns, Trump said: “None whatsoever. He’s a highly respected man. He’s a friend of mine.”

Trump has repeatedly denounced the Fed leadership of Powell, whom he selected as chairman after deciding not to re-nominate Janet Yellen. In addition to choosing Powell for the chairmanship, Trump has nominated all the current Fed board members with the exception of Lael Brainard, who was nominated by Barack Obama.

Trump’s other nominees have held views more in line with traditional selections for the Fed board. The White House announced Thursday that Trump was nominating Michelle Bowman, a Kansas banking regulator, for a full 14-year term on the Fed. She joined the Fed last year, taking over a term that will end next year.

But Trump has grown increasingly unhappy with the Fed decisions under Powell, especially after the stock market tumbled last year as the central bank was hiking rates four times. Since January, the Fed has reversed course and now says it foresees no further rates hikes this year.

Even with that change, Trump has kept up his attacks on the Fed. Kudlow last week called for the Fed not only to pause rate hikes but to cut rates by a steep one-half percentage point and said the president believed that was the best course of action.

In a tweet Thursday, Trump said the economy was looking very strong “despite the unnecessary and destructive actions taken by the Fed.”

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Central Florida News

Orange County Commission District 3 Lawsuit Set for July 10 Hearing, Candidate Randy Ross Says

Published

1 hour ago

July 6, 2026

FNN NEWS

Florida National News learned of the July 10 court date following a press conference held by Ross and later received a news release from his campaign announcing the scheduled hearing.

Lawsuit Challenges Election Process

Ross filed the lawsuit after challenging the application of Florida’s resign-to-run law following Orange County Commissioner Mayra Uribe’s decision to seek another elected office.

“This lawsuit has never been about me,” Ross said. “It has always been about the right of District 3 residents to elect their own County Commissioner. On Friday, the people finally get their day in court.”

Ross: ‘The Law Matters’

Ross said his legal challenge is focused on ensuring election laws are applied consistently.

“While others relied on politics, assumptions and opinion, I relied on one thing … the law,” Ross said. “If we expect our citizens to follow the law, then government must follow it too. There cannot be one set of rules for politicians and another for everyone else.”

Concerns Over Election Accountability

Ross said the case raises broader questions about accountability and public confidence in Orange County’s election process.

“Candidates place their trust in our election officials to provide competent, accurate guidance,” Ross said. “Voters deserve confidence that elections are conducted according to Florida law … not political convenience. When government gets it wrong, someone has to stand up. I chose to do exactly that.”

Campaign Message

Ross, a longtime Orange County resident and community leader, said the lawsuit reflects the type of leadership he would bring to the County Commission.

“I don’t back down from difficult fights. I don’t accept government incompetence. And I don’t believe taxpayers or voters should pay the price when public officials fail to do their jobs.”

He also pledged to provide a public update immediately following Friday’s hearing.

“I welcome this opportunity because facts matter. The law matters. Most importantly, the voices of District 3 voters matter. This isn’t about politics … it is about protecting the integrity of our elections and ensuring the people, not government bureaucracy, decide who represents them.”

The hearing is scheduled for Friday, July 10, 2026. The court’s ruling will determine the legal issues presented in the case. The allegations and legal arguments discussed are those advanced by the plaintiff and remain subject to judicial review.

Politics

President Trump Launches Trump Accounts with NYSE, Nasdaq Opening Bell Ceremony from Oval Office

Published

3 hours ago

July 6, 2026

FNN NEWS

NEW YORK (FNN NEWS) — President Donald Trump marked the official launch of Trump Accounts on Monday by participating in a first-of-its-kind opening bell ceremony for both the New York Stock Exchange and Nasdaq from the Oval Office.

The event celebrated the rollout of the investment account program established under the Working Families Tax Cuts Act, which the Trump administration says is designed to help eligible American children build long-term wealth through tax-advantaged investment accounts.

Investment Accounts for American Children

According to the White House, Trump Accounts are available to U.S. citizens under the age of 18. Children born between Jan. 1, 2025, and Dec. 31, 2028, will automatically receive a $1,000 federal seed investment, while families and eligible contributors may make additional investments over time.

The administration said more than six million Trump Accounts have already been requested, with more than 86% of requests coming from families earning less than $200,000 annually.

President Trump Highlights Economic Opportunity

During the ceremony, President Trump said the accounts are intended to allow children to benefit from long-term economic growth.

“With the ringing of the opening bell for the stock market, Trump Accounts will now begin to grow right along with our booming economy,” Trump said. “Between individual contributions and the seed funds, $800 million in new capital will be invested in the stock market for America’s children this week.”

Business and Government Leaders Voice Support

Several business executives and administration officials participated in the announcement, including:

Treasury Secretary Scott Bessent
Michael Dell, founder and CEO of Dell Technologies
Adena Friedman, CEO of Nasdaq
Lynn Martin, president of the New York Stock Exchange Group
Jeffrey Sprecher, CEO of Intercontinental Exchange
Brad Gerstner, chairman and CEO of Altimeter Capital
Ted Cruz

Treasury Secretary Bessent said the initiative is intended to expand access to financial markets for American families.

Michael Dell encouraged additional companies to participate by contributing to employees’ children’s accounts.

Private-Sector Participation

The White House announced that philanthropists Michael and Susan Dell are supporting the initiative and said more than 50 companies have committed to making contributions to Trump Accounts for the children of their employees.

Administration officials described the initiative as part of a broader effort to encourage savings, investing and long-term wealth creation for future generations.

The announcement comes as the United States continues events commemorating the nation’s 250th anniversary, with administration officials describing Trump Accounts as an investment in America’s next generation.

Florida

U.S. Embassy Reopens in Caracas, Offering New Opportunities for Venezuelans in Central Florida

Published

2 weeks ago

June 23, 2026

FNN NEWS

WASHINGTON (FNN NEWS) — The United States has formally resumed operations at the U.S. Embassy in Caracas, Venezuela, marking the first permanent diplomatic presence in the country since 2019 and signaling a new phase in U.S.-Venezuela relations.

The reopening could have significant implications for Florida’s growing Venezuelan community, particularly in Central Florida, where thousands of Venezuelan families now call the Orlando region home.

The U.S. Department of State announced that diplomatic operations officially resumed March 30, following years in which U.S. engagement with Venezuela was conducted through the Venezuela Affairs Unit at the U.S. Embassy in Bogotá, Colombia.

In January, Ambassador Laura F. Dogu arrived in Caracas as Chargé d’Affaires to lead U.S. government operations on the ground and oversee preparations for the eventual return of full embassy personnel and consular services.

Potential Impact on Venezuelan Families

For years, many Venezuelans seeking U.S. visa interviews or consular assistance were required to travel to Bogotá, often incurring significant travel expenses and logistical challenges.

While routine visa and passport services have not yet resumed in Caracas, U.S. officials said embassy personnel are working toward restoring full consular operations.

Once fully operational, the embassy could provide Venezuelan families with easier access to visa processing, family reunification services, emergency assistance and other consular support.

Economic and Business Opportunities

The reopening could also strengthen economic and commercial ties between Venezuela and Central Florida.

Florida has become a major destination for Venezuelan entrepreneurs, investors and professionals. Business leaders say a restored diplomatic presence may encourage additional trade, investment and business expansion opportunities between the two regions.

Industries including real estate, healthcare, construction, logistics and professional services could benefit from increased cross-border activity.

Strengthening Community Ties

Community leaders believe renewed diplomatic relations could further strengthen cultural, educational and civic connections between Venezuela and Central Florida.

Orlando-area organizations, universities and business groups may find new opportunities for collaboration, exchanges and partnerships as relations continue to normalize.

Former Florida Lawmaker Welcomes Diplomatic Reengagement

Former Florida State Representative Daisy Morales, who is also a candidate for Florida House District 43, applauded the reopening of the U.S. Embassy in Caracas and highlighted its potential impact on Central Florida’s large Venezuelan and Hispanic communities.

Morales, a retired federal official who served with both the U.S. Department of Homeland Security and the U.S. Department of State, said the reopening represents an important first step toward strengthening diplomatic and economic ties between the United States and Venezuela.

“I applaud the United States for taking this important first step in reopening the U.S. Embassy in Caracas and strengthening diplomatic relations with Venezuela,” Morales said. “This decision could have a positive impact on Central Florida, particularly for Venezuelan families, businesses and community organizations. As diplomatic relations continue to improve, it could also create opportunities to establish a Venezuelan consulate or honorary consulate in Orlando to better serve the growing Venezuelan population in our region.”

Morales noted that during her tenure in the Florida House, the district she represented was approximately 70 percent Hispanic, providing her with extensive experience working with diverse immigrant communities, foreign nationals and diplomatic representatives of Mexico, Colombia, Brazil, Haiti, Grenada and France.

“Throughout my public service, I have worked closely with foreign nationals and diplomats on issues affecting our communities,” Morales said. “As conditions continue to improve and return to normalcy, I would not rule out visiting Venezuela in the future to strengthen relationships and explore opportunities that benefit both our communities and Central Florida.”

Morales also said that while renewed diplomatic engagement presents opportunities, policymakers should remain mindful of past experiences involving U.S. diplomatic relations with other nations.

“When President Barack Obama announced the reopening of the U.S. Embassy in Cuba in 2015, many viewed it as the beginning of a new chapter in U.S.-Cuba relations,” Morales said. “However, diplomatic relationships can evolve over time and are often affected by changing political and security conditions. As the United States begins this new chapter with Venezuela, policymakers should proceed carefully and remain focused on protecting U.S. interests, promoting democratic values and ensuring the safety and well-being of Americans.”

Challenges Remain

Despite the reopening, challenges remain.

The U.S. Embassy in Caracas has not yet resumed routine consular services, and the State Department continues to maintain travel advisories for Venezuela because of ongoing security concerns.

In addition, immigration programs affecting Venezuelans residing in the United States, including asylum and Temporary Protected Status policies, remain separate from the embassy reopening and continue to be governed by federal immigration policy.

For many Venezuelans in Central Florida, however, the return of a U.S. diplomatic presence in Caracas represents an important milestone and a step toward reconnecting families, expanding economic opportunities and strengthening ties between both regions.