Skip to main content

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

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.

 
Published
Apr 22, 2019
Government Lending Has A Strong Digital Future

Long gone are the days of 300-page files and mail requests

Regulation and Compliance
Oct 03, 2022
Appraisal Business Fears Modernizing And Newcomers

Appraisers also need to mitigate appraisal bias

Regulation and Compliance
Oct 03, 2022
R.I. Mortgage Broker Pleads Guilty To $6M Ponzi Scheme

Decade-long scheme was used to finance a lavish lifestyle.

Regulation and Compliance
Sep 30, 2022
Fannie Mae Names Almodovar Its New CEO

Financial services veteran brings more than 30 years experience and a strong commitment to affordable housing.

Regulation and Compliance
Sep 29, 2022
OCC Fines Sterling Bank & Trust $6M Over Mortgage Fraud

Bank, parent company remain under criminal investigation by Justice Department and SEC.

Regulation and Compliance
Sep 27, 2022
Federal Court Shutters Sham Mortgage Relief Operation

FTC, California agency accuse 2 business owners of scam that cost consumers millions of dollars.

Regulation and Compliance
Sep 22, 2022