Cain ran for the Republican nomination in 2012
73-year-old Herman Cain is in the running for a role at the Fed, according to Bloomberg. He was the CEO of Godfather's Pizza.
He has some monetary policy experience. From Wikipedia:
Cain served as chairman of the board of the Federal Reserve Bank of Kansas City Omaha Branch from January 1, 1989, to December 31, 1991. He became a member of the board of directors of the Federal Reserve Bank of Kansas City in 1992.] He served as deputy chairman from January 1, 1992, to December 31, 1994, and then as its chairman until August 19, 1996.
Popularly he's most well know for this infamous ad with his chief of staff smoking and Cain awkwardly smiling into the camera.
