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Herman Cain is out of the running for a seat on the board of directors of the Federal Reserve.
While attention to allegations of sexual harassment and Gain's loss of support to Cain became increasingly important, President Trump tweeted on Monday that he had asked not to be named.
CAIN RETURNS TO CRITIQUE
"My friend Herman Cain, a truly wonderful man, asked me not to appoint him to a position on the Federal Reserve. I will respect his wishes. Herman is a great American who really loves our country! Said Trump.
Cain, the former CEO of Godfather's Pizza and Republican presidential candidate for 2012, said just days ago on Fox Business Network that he was not planning on withdraw from the examination. He stated that several GOP Senators having expressed reservations about him "have never met me … and I doubt that they know anything about my past".
But the loss of this support from GOP has almost condemned his candidacy. North Dakota Republican Senator Kevin Cramer joined the GOP Sens earlier: Lisa Murkowski, Cory Gardner and Mitt Romney to oppose Cain.
CAIN BID FOR FED FACES BACK
Trump also offers Stephen Moore, a Conservative ally, to a separate position on the seven-member Fed board. Republicans and Democrats in turn asked whether the rise of the two men, Trump's two political allies, would raise concerns about the Fed's political independence. And the allegations of sexual harassment and infidelity that hurt Cain's candidacy in 2012 resurfaced for him after Trump had initially announced his intention to appoint Cain to the Fed's board of directors.
Since last fall, Trump has repeatedly criticized its three-year president, Jerome Powell, and other Fed officials for raising interest rates four times last year. These rate hikes hurt the stock market and were useless as there was no threat of inflation, Trump said.
Gregg Re of Fox News and the Associated Press contributed to this report.
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