Regulation and Compliance

Trump: Cain Withdraws From Fed Seat Consideration

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

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.
 
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Phil Hall
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Apr 22, 2019
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