Herman Cain, facing resistance from his own political party, has withdrawn from consideration for a seat on the Federal Reserve Board, U.S. President Donald Trump said on Monday.
Four Republican U.S. senators in recent weeks voiced opposition to Trump's expected nomination of Cain, likely enough to deny the former Republican presidential candidate the support he needed to secure Senate confirmation for the post.
Economists and critics have expressed concerns about loyalists of Trump serving on the traditionally nonpartisan U.S. central bank.