Herman Cain Expected to Withdraw from Consideration to Join Fed Reserve Board of Governors

Herman Cain is expected to withdraw his name from consideration for the Federal Reserve’s Board of Governors, amid growing pressure from Republican senators on the White House to remove him from consideration, according to multiple sources familiar with the matter.

President Donald Trump announced last week his intention to nominate Cain, a political ally and former 2012 Republican presidential front runner. Trump has also nominated conservative economist Stephen Moore to the Federal Reserve’s board of governors.

Senators Mitt Romney, R-Utah, Lisa Murkowski, R-Alaska, Cory Gardner, R-Colo., and Sen. Kevin Cramer, R-N.D., have come out in opposition to Cain’s appointment, likely sinking his chances of confirmation by the Senate, since it’s unlikely that he will get the support of Senate democrats.

Since Cain has yet to be formally nominated, he is expected to announce his decision to withdraw his name from consideration in the coming days, according to an administration official and a source familiar with the matter.

Click here to read more.

SOURCE: ABC News, Tara Palmeri and Katherine Faulders