President Donald Trump said Monday that he will not nominate Herman Cain for the Federal Reserve Board of Governors, after Cain, a former presidential candidate, requested that he be removed from consideration.
Trump had announced his intention to nominate Cain earlier this month.
Republican senators had reportedly been pressuring the White House to remove Cain from consideration. Trump considers Cain a political ally and said on April 4 that he planned to recommend him to the Federal Reserve Board.
“I find Herman to be an outstanding person,” Trump said at the time. “A truly outstanding individual. I think he would do very well there.”
Republican Sens. Mitt Romney (Utah), Lisa Murkowski (Alaska), Cory Gardner (Colo.) and Kevin Cramer (N.D.) have all voiced their opposition to the idea of Cain’s nomination because of his support for cutting interest rates. Cain likely already did not have the support of Senate Democrats.
Cain is the former CEO of Godfather’s Pizza and served on the board of the Federal Reserve Bank of Kansas City. He ran for the 2012 Republican presidential nomination but dropped out after four women accused him of sexual harassment and adultery while he led the National Restaurant Association in the 1990s. Cain denied the allegations at the time.
Cain launched a pro-Trump super PAC last year called the America Fighting Back PAC. The political action committee’s website says it was founded by “a group of President Trump’s most committed supporters” to fight “vile and uncalled for propaganda” about Trump in the mainstream media.
Lydia O’Connor contributed reporting.