Herman Cain withdraws from fed consideration

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President Trump said Monday that former Republican presidential candidate Herman Cain has withdrawn from consideration to be nominated to the Federal Reserve Board amid GOP senators’ intense opposition.“My friend Herman Cain, a truly wonderful man, has asked me not to nominate him for a seat on the Federal Reserve Board. I will respect his wishes. Herman is a great American who truly loves our Country!” Trump tweeted. 

Four Republican senators said they would not support Cain, all but dooming his chances of confirmation. The decision marks a setback for Trump’s effort to install allies at the central bank, which has traditionally been independent of politics. GOP critics of Cain argued he was unfit to serve on the Fed board, due to either past misconduct allegations or his outspoken support for Trump. 

Herman Cain became known when he ran for president in 2012 and had a flat tax plan known as the 9-9-9 plan. He is also the former CEO of a pizza chain.

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