Trump will not nominate Herman Cain for Fed seat
President Trump on Monday said he would not nominate former Republican presidential candidate Herman Cain to the Federal Reserve board, after Cain withdrew his name from consideration.
Four Republican senators had signaled that they would not back Cain as a candidate for the post, which would kill his chances – assuming no Democrats voted in his favor.
Cain told FOX Business last week that he would not “run away from criticism,” and that he was not “even considering withdrawing.” He said at the time that he was “geared up” for any potential Senate hearings.
Earlier this month Trump said Cain would do “very well” at the Federal Reserve.
Controversy surrounding Cain’s nomination arose regarding sexual harassment allegations, which he has denied. In a Facebook post, he speculated that he could face a lengthy and “cumbersome” background check, if nominated. He also raised the possibility of not making it through the nomination process in the post.
Cain previously served multiple positions within the Kansas City Federal Reserve between 1989 and 1996. He also served as the CEO of Godfather’s Pizza, where employees have brought forth sexual harassment claims against him.
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Stephen Moore is still expected to be nominated to a post on the board, though he has not yet been formally nominated.
Currently, there are two vacancies on the seven-member board.
FOX Business’ Megan Henney contributed to this article.