As Herman Cain removes himself from consideration for one of the Fed's open positions, it is unlikely that any appointment to the 2 vacant Fed positions will materially shift U.S. monetary policy
In this June 20, 2014 file photo, Herman Cain, CEO, The New Voice, speaks during Faith and Freedom Coalition's Road to Majority event in Washington. Trump says Herman Cain withdraws from consideration for Fed seat amid focus on past allegations. As Herman Cain removes himself from consideration for one of the Federal Reserve's open positions, it is unlikely that any appointment to the two vacant Fed positions will materially shift U.S. monetary policy.
Yes, presidents may have an opportunity to pick the Fed chair but even a two-term President would typically have only four Fed Governor picks over his term. Therefore, a two-term President can only have a limited impact on the Fed's membership. For example, current Governor, and vice-chair for supervision, Randal Quarles is serving a term until 2032. Basically, with 14-year terms, Fed members serving their terms can expect to outlast multiple presidents.
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