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The Quick Facts
- Currently, the Federal Reserve Board of Governors has two vacancies, and President Trump recently announced he will nominate Stephen Moore and Herman Cain to the board.
- Moore is a former campaign and policy adviser for Trump. He has served as the chief economist of the Heritage Foundation and as a member of the editorial board of The Wall Street Journal as an economic commentator.
- Cain is a Republican politician who unsuccessfully ran for president in 2012. Previously, he was the CEO of a major pizza chain and served as chairman of the Federal Reserve Bank of Kansas City.
- The Federal Reserve Board is made up of seven members serving 14-year terms. The governing board oversees the Federal Reserve Banks and helps implement monetary policy of the United States.
- Moore and Cain are currently being vetted for the positions. They will need to be confirmed by the Senate.