Herman Cain says he faces a "heavy" candidacy for the Fed's board of directors

WASHINGTON (Reuters) – Former Republican presidential candidate Herman Cain said he would face a "tedious" process because he is being considered for sitting on the Federal Reserve Board.

In a video posted on Facebook on Friday night, Cain said he had to hand over the records of his 50 years of business, including many professional jobs, services rendered to boards of directors and long speeches.

The 73-year-old said he did not know he would pbad the FBI background check, a common practice before a high-ranking appointment.

"Whether I succeed or not through this process, time will tell," said Cain. "Would I be disappointed if I did not succeed in this process? No. Would I be delighted and honored if I succeeded in this process? Yes. This is the bottom line. "

US President Donald Trump announced Thursday that he was proposing to name Cain, a former pizza chain executive. "I highly recommended it to the Fed," Trump said. "I told my parents that it was the man."

The appointment of Cain should be approved by the US Senate. "They have to collect an inordinate amount of information about you, your past, your family, your friends, your pets, your pets, for 50 years," Cain said.

Cain said that people who did not like him "are already digging up all the negative things stored eight years ago." He added, "I will be able to explain it this time."

Cain led the polls for some time during the Republican nomination polls, backed up by his tax proposal signed on 9-9-9, which would have imposed a flat tax on corporations, revenues and sales.

But his popularity has diminished amid allegations of badual harbadment from several women, which he has denied as being "completely false".

Cain made a fortune as General Manager of Godfather's Pizza before running for the Republican Presidential nomination in 2012.

Trump strongly criticized the Fed's rate hikes under Jerome Powell, whom the president had chosen two years ago to chair the US central bank. The other Trump appointees to the Fed also supported Powell Fed's rate hikes, which, according to the president, hurt the economy.