Herman Cain expected to withdraw from consideration for Fed: report

Businessman and former presidential candidate Herman Cain is expected to withdraw from consideration for a seat on the Federal Reserve Board, ABC News reported Thursday, citing an administration official and source familiar with the matter. 

President Trump last week announced he would nominate Cain to the board. Cain’s nomination faced strong criticism and four Republican senators said they would vote against confirming him, likely sinking his nomination.

{mosads} The Hill has reached out to the White House for comment on Cain’s reported withdrawal plans. 

Cain ran for the Republican presidential nomination in 2012, but dropped out of the race after four women accused him of sexual harassment. Cain has denied the allegations. The accusations have made him a controversial pick for the board. Republicans have also demonstrated concern about Cain’s support for cutting interest rates.