Herman Cain is expected to withdraw his name from consideration for the Federal Reserve's Board of Governors, according to an ABC News report citing “multiple sources familiar with the matter.”
Cain served as the Chairman of the Federal Reserve Bank of Kansas City’s Omaha Branch, from 1989 to 1991 and as the Chairman of the Federal Reserve Bank of Kansas City from 1995 to 1996. However, four Republican senators–including Utah’s Mitt Romney, who ran against Cain for the 2012 Republican presidential nomination–announced that they would not support Cain for a Fed seat. President Trump had announced his plan to nominate Cain, but that decision was met with criticism that the nomination was politically motivated due to Cain’s support of Trump’s 2016 presidential campaign and administration.
Cain has yet to be formally nominated, and ABC News stated he is expected to announce his decision to withdraw his name from consideration in the coming days. On Wednesday, President Trump said the decision to withdraw will belong to Cain.