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Herman Cain. Photo: Justin Sullivan/Getty Images

President Trump confirmed on Thursday that he wants Herman Cain on the Federal Reserve board, pending a vetting process. Earlier in the day, Axios reported that he was waiting on vetting before announcing a formal nomination.

Why it matters: It's likely confirmation that Trump is ready to move ahead with the former presidential candidate, whose possible nomination was reported by Bloomberg in January. "He won't formally announce until the vet is completed. ... But he likes Cain and wants to put him on there," a senior official who has discussed the matter with the president told Axios before Trump's public comments.

Between the lines: As with any Trump "decision," administration officials are quick to attach an asterisk. This time, their hesitation is less about Trump changing his mind than about something coming up in Cain's background check that could complicate the situation.

  • The administration did not conduct a thorough vetting of Trump's most recent Fed pick, Stephen Moore, and they've had to weather stories about back taxes owed by Moore and that he had failed to pay alimony to his ex-wife. Moore told the New York Times earlier this week that "it's full speed ahead" and said that the White House was "100%" behind him.

The backstory: Cain served in multiple positions within the Fed system at the Kansas City Federal Reserve between 1989 and 1996. He served as CEO of Godfather's Pizza and ran for the 2012 GOP president nomination, but dropped out after sexual harassment allegations sank his candidacy.

President Trump regards his selection of Federal Reserve chair Jerome Powell as one of the greatest mistakes of his administration. He has told aides that Powell has no "feel" for the markets and compares him to a golfer who cannot putt.

Trump tells aides that Powell is the biggest threat to the economy due to his 2018 decisions to raise interest rates, and even as Powell halted the rate rises he failed to win back Trump's affection. Trump considers Powell to be "weak" and blames Treasury Secretary Steven Mnuchin for encouraging him to pick him, according to sources who've discussed the matter with the president.

Trump considered replacing Powell with Kevin Warsh for a brief moment last year, as Axios reported earlier this week.

Editor's note: This story has been updated to correct Cain's years of service with the Federal Reserve Bank of Kansas City. He served in various positions between 1989 and 1996, not just 1992 through 1996. This story has also been updated to add Trump's comments confirming he wants to nominate Cain.

Go deeper

Updated 32 mins ago - Axios Twin Cities

In photos: Twin Cities on edge after Daunte Wright shooting

Demonstrators protesting the shooting death of Daunte Wright face off with police near the Brooklyn Center police station in Brooklyn Center, Minnesota, on April 13. Photo: Scott Olson/Getty Images

Law enforcement and protesters in the Twin Cities suburb of Brooklyn Center clashed Tuesday night, after demonstrators again defied a night curfew to protest for a third night the fatal police shooting of Daunte Wright.

The big picture: It followed two nights of protests and unrest over Wright's death Sunday. Outside the city's police headquarters, law enforcement used "heavy force," with tear gas and flashbangs, per the Star Tribune. Protesters threw objects including water bottles, hitting some officers on their helmets, the outlet notes.

Judge rules in favor of Black officer fired for stopping colleague's chokehold

Former Buffalo police officer Cariol Horne said she heard a handcuffed man say he couldn't breathe when a colleague placed him in a chokehold. Photo: Lisa Maree Williams/Getty Images

A New York court on Tuesday reinstated the pension of former Buffalo police officer Cariol Horne, who was fired for intervening when a white colleague had a Black man in a chokehold during a 2006 arrest.

Driving the news: State Supreme Court Judge Dennis Ward noted in his ruling similar cases, like the death of George Floyd. Ward said the role of other officers at the scene in such instances had come under scrutiny, "particularly their complicity in failing to intervene to save the life of a person to whom such unreasonable physical force is being applied."

Updated 4 hours ago - Politics & Policy

Biden accepts Pelosi's invitation to address Congress in late April

Photo: Jim Lo Scalzo/EPA/Bloomberg via Getty Images

President Biden has accepted House Speaker Nancy Pelosi's invitation to address a joint session of Congress on April 28, the White House confirmed Tuesday night

Why it matters: This will be Biden's first speech to both the House and Senate since taking office.