President Donald Trump announced Monday that former pizza chain executive Herman Cain withdrew his name from consideration for the Federal Reserve Board.
“My friend Herman Cain, a truly wonderful man, has asked me not to nominate him for a seat on the Federal Reserve Board,” Trump tweeted. “I will respect his wishes. Herman is a great American who truly loves our Country!”
Cain rose to stardom during a 2012 bid for the presidency, only to see his campaign falter after under claims of sexual harassment by several women. His prospective nomination to the Fed was met stiff opposition from Capitol Hill lawmakers.
Cain, whose net worth is reportedly between $2.8 million and $6.4 million, said in a blog post on conservative news website The Western Journal that he passed on Trump’s offer because the $183,100 salary was too low.
“I would have to let go of most of my business interests,” Cain wrote. “I could not serve on any boards. I could not do any paid speeches.”