Herman Cain Pulls Name For A Seat On The Federal Reserve Board Following Lack Of Support From Congress

Former Republican presidential candidate Herman Cain speaks at the 'Cain's Revolution on the Hill' Tax Day Rally.
Win McNamee / Getty Images

As The Inquisitr reported, President Donald Trump planned to select former Republican presidential candidate Herman Cain to take one of the two empty seats on the Federal Reserve Board. But the president tweeted on Monday that he will not nominate Cain to the position, as Cain has withdrawn himself from consideration, per NBC News.

“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!”

Cain’s nomination reportedly did not gain enough support in the Senate, which is required to confirm nominees to the Fed. Specifically, Senators Kevin Cramer of North Dakota, Mitt Romney of Utah, Lisa Murkowski of Alaska, and Cory Gardner of Colorado did not approve — which means that Cain would lack the votes to be confirmed if all 47 Democrats voted no.

Cain — a former pizza company executive — previously ran as a Republican presidential candidate, although his campaign was cut short after accusations of sexual assault surfaced. Cain was accused of committing the assaults from 1996 through 1999, when he headed the National Restaurant Association.

Cain denied the allegations, and Trump supported his friend, calling the accusations part of an “unfair witch hunt.” However, Cain appears aware of the effect the claims have on his image, and earlier this month posted a Facebook video suggesting that people’s dislike of him might prevent his confirmation to the Federal Reserve Board.

“You better believe that the people who hate me, who do not like conservatism… are already digging up the negative stuff that are in stories from eight years ago.”

Per USA Today, Cain previously claimed that he was “very committed” to letting the White House formally nominate him.

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“The president asked me one simple question… He said, ‘Would you consider doing this if you make it through the process?’ I said yes. Didn’t hesitate.”

Back in 1989, Cain joined the Federal Reserve Bank of Kansas City and moved up the ranks to deputy chairman — and later, chairman. He has tweeted about raising interest rates, which Trump is opposed to, and also expressed his support for returning to the gold standard, meaning that United States currency would once again be backed by gold.

Trump recently nominated Stephen Moore for the second vacant Federal Reserve spot, but has also received criticism for his choice. Moore is under public scrutiny for his back taxes, and for an alleged failure to make alimony payments to his ex-wife.