President Donald Trump announced Monday that Herman Cain, a former pizza executive and 2012 presidential candidate, had withdrawn himself from consideration for a seat on the Federal Reserve Board.
"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. Herman is a great American who truly loves our Country!" the president wrote in a tweet.
Trump tweet
Cain's selection had been on shaky ground practically since the day Trump announced him earlier this month. At the time, Trump told reporters, "I have recommended him highly for the Fed. I've told my folks, 'That's the man.'"
Cain is a stalwart political supporter of the president's, and earlier this year he founded a super PAC created specifically to combat negative press coverage of Trump.
More importantly, Cain, like Trump, is an outspoken critic of the Federal Reserve, which Cain has accused in the past of "manipulating" the value of the U.S. dollar.
This is breaking news. Please check back for updates.
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