President Donald Trump has decided to appoint former Republican presidential candidate Herman Cain to a seat on the Federal Reserve Board, according to a report by Axios. The report, which quotes two senior administration officials, said Trump will wait until the background check is completed before making the formal announcement. Trump's interest in selecting Cain for the Fed was first reported in January. The president has been sharply critical of the Fed's interest-rate policy. Trump has said he will appoint Stephen Moore to the Fed, but the White House has yet to send the nomination to the Senate. Moore and Cain would fill the two remaining vacancies on the Fed's seven-member board.