Former presidential contender Herman Cain has withdrawn his name from consideration for the Federal Reserve Board, according to President Donald Trump.
Trump tweeted on 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. Herman is a great American who truly loves our Country!”
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!
— Donald J. Trump (@realDonaldTrump) April 22, 2019
The Wall Street Journal reported that Trump said on April 4 he intended to nominate Cain to one of two vacant seats on the Federal Reserve’s seven-member board of governors.
Cain addressed the reasons he withdrew his name from consideration in a Monday piece for The Western Journal, explaining he felt he could have more impact as a private citizen.
He recounted that he prayed about the decision over the weekend, having already drafted a column about why he planned to go forward with the vetting and confirmation process. Cain felt God gave him an answer, and it was to not seek the position.
“After I went through Phase 1 of the background check, which involves my 50-year business career being picked over like a carcass, I was told they were next checking everything I’d ever written for anything that could be controversial,” Cain wrote. “Would they find anything controversial? I certainly think so!”
The pundit was also informed if he took the position at the Federal Reserve, he would have to divest himself of most of his business interests, stop hosting his radio program, stop making paid speeches advocating for capitalism and other issues he cares about, or making appearances on Fox Business Network.
Overall, Cain described the pay cut as “substantial.”
“I also started wondering if I’d be giving up too much influence to get a little bit of policy impact,” he penned. “With my current media activities, I can reach close to 4 million people a month with the ideas I believe in.”
In the end, Cain decided the trade-off was not worth it and called the White House on Monday to relay his decision.
“It was an honor to be considered,” he wrote. “Under different circumstances, I would like to have served. I realize not everyone was a fan of my prospective nomination, and that’s OK. I was prepared to make the case for myself and I was prepared to live with the outcome.”
Cain was chairman of the Federal Reserve Bank in Kansas City in the mid-1990s. The Georgian was also CEO of Godfather’s Pizza during this time frame.
After leaving that position, Cain became president of the National Restaurant Association in Washington, D.C. in 1996, where he served until 1999.
The businessman has been active in conservative politics for decades, including supporting the tea party movement during 2010 midterms and campaigning for the Republican presidential nomination during the 2012 election cycle.
Cain suspended his campaign in December 2011, ahead of the Iowa caucuses, after Politico reported he had been accused of sexual harassment while head of the National Restaurant Association. He has denied the allegations.
The conservative’s withdrawal from consideration for the Federal Reserve Board of Governors came after four Republican senators indicated they would not support his appointment.
They were Sens. Lisa Murkowski of Alaska, Mitt Romney of Utah, Kevin Cramer of North Dakota and Cory Gardner of Colorado, Fox News reported.
The lawmakers cited concerns about Cain’s conservative activism and sexual harassment allegations, according to The Wall Street Journal.
Republicans hold a 53 to 47 majority in the Senate, meaning Cain would not have been confirmed if all Democrat senators opposed his nomination.
As recently as last week, Cain had stated he would not withdraw his name from consideration by Trump, telling The Wall Street Journal he was “very committed” to going through the White House vetting process.
“I happen to believe that you need some new voices on the Federal Reserve,” he said.
“I don’t quit because of negative criticism,” the 73-year-old further stated. “I don’t quit because of negative attacks. And I don’t quit because several senators have expressed reservations about my qualifications.”
Trump has also named, but has not yet formally nominated, Stephen Moore for the Federal Reserve. Moore was a campaign adviser to the president.
Moore is an economist with The Heritage Foundation. Prior to coming to the conservative think tank, he served on The Wall Street Journal’s editorial board and early in his career held a position in the Reagan administration.
Moore co-authored “Trumponomics: Inside the America First Plan to Revive Our Economy” with former Reagan economist Art Laffer, which was released last fall.
Moore told The Western Journal, in an interview earlier this month, “I don’t agree with Donald Trump on everything, but he was really focused on, you know, making sure that all our policies are aimed toward putting America first, as he would say.”
The economist contended that Trump’s policies “have put a new spring in the step of the American economy. I would make the case to you that today we have the best job market for workers since The Beatles were still playing together. … (F)or the economy in general, it’s probably the best economy in 20 years, and that’s pretty amazing and I think it’s going to continue.”
Watch “The Herman Cain Show by WJ” here.
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