Businessman Herman Cain has withdrawn from consideration for a seat on the Federal Reserve Board, President Donald Trump said on April 22. Cain is a…
Businessman Herman Cain has withdrawn from consideration for a seat on the Federal Reserve Board, President Donald Trump said on April 22. Cain is a vocal critic of the Federal Reserve’s fiat currency and fractional reserve banking system.
“My friend Herman Cain, a truly wonderful man, has asked me not to nominate him for a seat on the Federal Reserve Board,” Trump said in a Twitter post. “I will respect his wishes. Herman is a great American who truly loves our Country!”
Four Republican U. S. senators voiced opposition to Trump’s expected nomination of Cain in recent weeks, likely enough to deny Cain the support he needed to secure Senate confirmation for the post.
Sen. Mitt Romney (R-Utah) was one of the Republicans who opposed Cain’s consideration. Romney said on April 18 that he doesn’t think Cain would be able to be confirmed by the Senate.
Just last week Cain told The Wall Street Journal that he has no intention of withdrawing his name from consideration. At the time, he told the paper he was “very committed” to sticking with the process of being vetted by the White House.
Trump has not sent any formal nomination to the Senate.
Cain has been a public advocate of many of Trump’s policies, as has Stephen Moore, a fellow at the conservative Heritage Foundation think tank, who Trump has also said he wants to nominate for one of two vacant seats on the seven-member Fed Board of Governors in Washington.
