Trump: Cain Withdraws From Fed Seat Consideration

Phil Hall

Apr 22, 2019

Five days after he insisted that he would go forward with President Trump’s plan to nominate him for a seat on the Federal Reserve Board, Herman Cain has opted to take himself out of consideration.

The President used his Twitter channel to announce Cain’s decision. “My friend Herman Cain, a truly wonderful man, has asked me not to nominate him for a seat on the Federal Reserve Board,” he tweeted. “I will respect his wishes. Herman is a great American who truly loves our Country!”

Cain’s nomination appeared to be doomed when four Republican senators–including Utah’s Mitt Romney, who ran against him for the 2012 Republican presidential nomination–stated they would not support Cain’s candidacy. This lack of support deprived Cain of a Republican majority bloc in the Senate, and no Democrats voiced their approval of his candidacy.

Cain, a former food industry executive, 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. Critics of the President’s plan to put him on the Fed board argued that Cain’s appointment was too partisan.

Link copied

Published

Apr 22, 2019

People On The Move

GO Mortgage Welcomes Eric Francis As VP Of Finance

Francis aims to steer the company toward long-term financial success.

Ohio-based GO Mortgage appointed Eric Francis, MBA, as vice president of finance. "We're pleased to welcome Eric Francis to GO Mortgage. Not only does he bring decades of experience in finance and accounting leadership roles, but he also has hand...

Analysis and Data

Home Prices Accelerate To Record Highs For Fourth Consecutive Month

Amid rising interest rates, home prices have continued to surge, with the nation's major markets setting new peaks, and mortgage origination being dominated by purchase loans.

The ICE Home Price Index, as released by Black Knight, part of Intercontinental Exchange Inc., found that August marked the fourth consecutive month where home prices reached record highs. This comes after a period of relatively stagnant growth in the housing market earlier ...