Herman Cain drops out of consideration for Fed role

“My friend Herman Cain, a truly wonderful man, has asked me not to nominate him for a seat on the Federal Reserve Board. I will respect his wishes,” Trump tweeted. “Herman is a great American who truly loves our Country!”

Cain, a former chairman of the Federal Reserve Bank of Kansas City, had maintained as recently as last week that he would seek the role on the board, despite the opposition from Republican senators.

After Trump said that he would pick Cain, Cain received criticism both for his background as a Trump partisan and for his out-of-the-mainstream views on monetary policy. He also faced unanswered questions about the sexual misconduct allegations made against him in his 2012 campaign for president. Before being nominated, he would have faced a White House background check.

The Fed board is made up of seven members at full strength and has five officials in place. For one of the other slots, Trump has said that he will pick Stephen Moore, the longtime conservative commentator.

Moore, too, holds monetary views that are at odds with the thinking prevalent at the central bank and that have elicited criticism from GOP-aligned economists. He also has faced scrutiny for past controversial comments he’s made in his regular public appearances and voluminous writings, as well as for underpaying taxes and child support. So far, however, he hasn’t encountered opposition from Republican senators. He has yet to be formally nominated.

[Related: Pelosi: Trump Fed picks Moore and Cain are ‘dangerous’]