FACTCHECK: Herman was on the BOARD OF GOVERNORS OF THE FED,

[wgadget]

which is a little different than being a chairman...But equally as bad or worse, imo.



From Wiki:

The seven-member Board of Governors is a federal agency and is the main governing body of the Federal Reserve System. It is charged with the overseeing of the 12 District Reserve Banks and setting national monetary policy. It also supervises and regulates the U.S. banking system in general.[64] Governors are appointed by the President of the United States and confirmed by the Senate for staggered 14-year terms.[41] The Board is required to make an annual report of operations to the Speaker of the U.S. House of Representatives.

The Chairman and Vice Chairman of the Board of Governors are appointed by the President from among the sitting Governors. They both serve a four year term and they can be renominated as many times as the President chooses, until their terms on the Board of Governors expire.[65]

[goRPaul]

The seven governors are all appointed by the president and confirmed by the senate. Cain was never appointed by any president. However, being chairman of a regional bank means that you have meetings with the board of governors four times a year. So the bankers know this guy pretty well, and I can see why Fox would declare that he won the debate.

Here's something I just found out about Cain. He was CEO of the National Restaurant Assocation, a lobby organization headquarted in DC. Cain is a lobbyist.

[torchbearer]

i read he was deputy chairman of the kansas city federal reserve branch.

[FrankRep]

Here's something I just found out about Cain. He was CEO of the National Restaurant Association, a lobby organization headquartered in DC. Cain is a lobbyist.

Not a big deal. Restaurants need lobbyists.


Wikipedia: National Restaurant Association (http://en.wikipedia.org/wiki/National_Restaurant_Association)


Activities:


The National Restaurant Association develops food safety training and certification program for restaurant employees [4]. It also offers scholarships to foodservice and hospitality management and culinary students through NRAEF, and runs a national program for high school students.

It runs an annual restaurant and hospitality industry trade show in the U.S. in Chicago and conducts research about the restaurant industry in the U.S. It also helps restaurant owners increase their environmental sustainability efforts.

The association works closely with its state restaurant and hospitality association partners and provides its members with tools and solutions to improve their business. It also organizes conferences and networking events for its members. There are six membership categories: Restaurant, Allied, Faculty, Student, Nonprofit and International.


The association lobbies for the restaurant and foodservice industry and represents the industry on Capitol Hill. It was the largest food and beverage political action committee contributor to both the U.S. Democratic and Republican Parties in the 2004 election cycle.

[wgadget]

To Torchbearer:

Yeah, me, too....I wonder what that role entails. We need to have our facts in order.

[Gumba of Liberty]

We have a really good angle on Cain and the Federal Reserve here. Herman Cain claims that he has never held public office yet he was appointed to the Board of Governors at the Federal Reserve. Dr. Paul should address Cain in the debates to confirm that the Federal Reserve is outside the control of the Federal Government. Something to the effect of "Mr. Cain boasts about his record in the Private Sector, including his time at the Federal Reserve. The Federal Reserve is run by Wall-Street and New York Banks, not the Federal Government."

[parocks]

Instead of confronting Cain about the Fed, I would think that the way to go would somehow be to persuade the Cain supporters that his Federal Reserve experience is a uniquely qualifying part of Cain's resume, and the Cain supporters should be talking about it a lot, to Romney supporters, and other elite, establishment types.

It has the advantage of being entirely true. There are a lot of Republicans who don't have major troubles with the Fed and those Republicans are likely to be supporting Romney, or Pawlenty, or Mitch Daniels, or Gingrich.

You don't want to argue that the Fed is a bad thing, that's a separate issue, but good helpful advice for Cain to seek elite, establishment votes with his "approved by the Fed" resume. You don't want to mention that tea party conservatives don't like the Fed, and he'll be losing votes with them when he tries to get votes with the Country Clubbers.

[goRPaul]

Not a big deal. Restaurants need lobbyists.

If you wanna buy double hamburgers for a dollar, then yes, restaurants need lobbyists.

[raystone]

He is a former deputy chairman (1992–94) and chairman (1995–96) of the civilian board of directors to the Federal Reserve Bank of Kansas City.

source: wikipedia http://en.wikipedia.org/wiki/Herman_Cain