Herman Cain withdraws bid for Fed seat, Trump says

Past issues shadowing Herman Cain, shown at a 2014 event in Washington, resurfaced after Trump said he would nominate him to the Federal Reserve board.

By Associated Press

April 22, 2019 9:35 AM PT

President Trump says Herman Cain has withdrawn from consideration for a seat on the Federal Reserve’s board amid a focus on past scandals.

Cain is a former CEO of Godfather’s Pizza who dropped out of the 2012 presidential race amid allegations of sexual harassment and infidelity. The issues resurfaced after Trump said he intended to nominate Cain to the central bank’s board of governors.

Trump tweeted Monday: “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.”

The president added that “Herman is a great American who truly loves our Country!”

Trump has also nominated conservative ally Stephen Moore for a separate vacancy on the Fed’s seven-member board.