Trump announces Herman Cain will not be nominated for Federal Reserve Board seat after string of controversies

Win McNamee/Getty ImagesHerman Cain
  • President Trump announced Monday he would not nominate former Republican presidential candidate and pizza chain CEO Herman Cain to a position at the Federal Reserve.
  • Cain had come under fire for his qualifications as well as sexual harassment settlements.
  • A number of Republican senators expressed concern about Cain and said they would not be able to vote for his confirmation.
  • Visit for more stories.

WASHINGTON – President Donald Trump announced Monday he would not formally nominate former Republican presidential candidate and Godfather’s Pizza CEO Herman Cain to a position on the Federal Reserve’s Board of Governors.

Cain had been heavily criticised for what many Republicans characterised as a lack of qualifications as well as accusations of sexual misconduct in his past. The controversies, along with dwindling prospects that the Republican-led Senate would even have enough votes to confirm Cain, prompted a withdrawal.

Read more:

Former pizza-chain CEO Herman Cain’s appointment to the Federal Reserve looks like it’s dead in the water

“My friend Herman Cain, a truly wonderful man, has asked me not to nominate him for a seat on the Federal Reserve Board,” Trump wrote on Twitter. “I will respect his wishes. Herman is a great American who truly loves our Country!”

Cain had been accused of sexual harassment during his time as CEO of the National Restaurant Association, which resulted in two settlements.

Following Trump’s announcement that Cain would be nominated to on of the central bank’s top jobs, many Republicans soured on him joining the Federal Reserve in any capacity.

“The allegations that drove him from the presidential race are just so obviously serious,” said North Dakota Sen. Kevin Cramer. “I’m not talking about his position on interest rates or anything like that, but the sexual harassment stuff. Until it’s better explained I couldn’t vote for him.”

The number of Republicans suggesting they would not vote to confirm Cain quickly grew to the point his nomination would be unlikely to succeed.

Another Trump nominee for the Federal Reserve in hot water is economist Stephen Moore, whose past record has dogged him in recent weeks. But Moore’s nomination is still moving ahead as planned.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.