Politics & Government

Herman Cain withdraws from consideration for Trump appointment to Federal Reserve

Less than two weeks after his bizarre and defiant speech at the University of Kansas, Herman Cain is no longer in the running for a seat on the Federal Reserve Board of Governors.

“My friend Herman Cain, a truly wonderful man, has asked me not to nominate him for a seat on the Federal Reserve Board,” President Donald Trump tweeted Monday afternoon. “I will respect his wishes.”

Prospects for Cain, a former corporate executive and 2012 GOP presidential candidate, were on shaky ground before his campus visit. Allegations of sexual harrassment, which surfaced during his presidential run, and aspects of his business career had already given members of Congress pause.

In his April 10 speech at the University of Kansas’s business school, he challenged critics of his possible appointment and called members of Senate Banking Committee “yahoos.”

“You think I’m going to get intimidated by a bunch of yahoos trying to embarrass me?” Cain said at the April 10 event. “They’re the ones that are going to be embarrassed.”

During the speech, Cain also compared the right to health care to the right to own a Cadillac, and said God would decide when it was time to stop using fossil fuels.

By April 11, four Republican members of the banking committee said they would vote “no” on Cain, essentially sinking his chances.

Trump has two vacancies to fill on the board of one of the most powerful financial institutions in the country. Earlier this month he suggested Cain and conservative economist Stephen Moore, although no formal nomination has been made.