Trump moving forward with Herman Cain's Fed nomination after background check is complete: report
Herman Cain speaks to Fox News (screen grab)

President Donald Trump is reportedly moving forward with a plan to nominate former Republican presidential candidate Herman Cain to the Federal Reserve Board.

A report in Axios on Thursday said that the White House is waiting for Cain's background check to be complete before making the formal announcement.

"He won't formally announce until the vet is completed...But he likes Cain and wants to put him on there," a senior official told the publication.

Cain, a former Godfather's Pizza CEO, was known for his 9-9-9 economic plan during the 2012 presidential election.

Trump has recently taken heat for nominating right-wing ideologue Stephen Moore to the Fed.