BUSINESSMAN & FMR PRES. CANDIDATE HERMAN CAIN HAS DIED….

By: Economic & Finance Report

Businessman and former Republican presidential candidate Herman Cain has died from corona virus (Covid-19) at age 74 years old. Mr. Cain was a Republican presidential candidate in the 2012 elections. He came up with the 9-9-9 Plan which was tax proposal for fixing the USA tax code. It was a paramount plan for his campaign. He was a former chairman of the Federal Reserve Bank of Kansas City.

Before his journey into politics and monetary policy, Herman can was CEO and President of Godfather Pizza (subsidiary of Burger King). After his stint at Godfather Pizza he became the CEO of the National Restaurant Association. He was also on various company board of directors as well. -SB

Image Credit: CBSNews.com

LATEST TRADE WARS: MEXICO IMPOSES TARIFFS ON U.S. IMPORTS!!!!!!!!!!!!!!!!!

By: Economic & Finance Report

Mexico has imposed tariffs on American imports such as pork, apples, grapes, cheese and steel. This is in connection to the tariffs President Trump imposed on steel and aluminum, which affects NAFTA countries Mexico and Canada.

The effects will alter the relationship on NAFTA; one which President Trump has already expressed is in unfair to American workers. He has stated he either wants to renegotiate a fair agreement amongst the NAFTA countries (USA, Canada, Mexico) or independently negotiate with Canada and Mexico, as  separate individual countries. Mexico and Canada have both denounced such a proposal by Trump.

This is coming at a critical time for NAFTA, as Mexico gears for presidential elections on July 1, 2018 and US congressional midterm elections are in November 2018. -SB

 

PRESIDENT TRUMP’S PICK AS NEW FEDERAL RESERVE CHAIRMAN: JEROME POWELL

By: Economic & Finance Report

President Donald J. Trump has chosen Mr. Jerome Powell to head the US Federal Reserve Bank. 

Mr. Powell is a member of the Federal Reserve Board, born in Washington DC and educated at Princeton University, with a law degree from Georgetown University.

He is a Republican and has extensive experience working within the Federal Reserve system and in the private sector, in investment banking. He has tended to be more moderate in voting on Federal Reserve monetary policies, and since becoming a Federal Reserve Governor, he has voted on every monetary policy bill that has been accounted for.

Mr. Powell will replace US Fed Chairwoman Janet Yellen in February 2018, when her four year term expires. -SB