Former pizza executive Herman Cain is reportedly expected to withdraw his name from consideration for the Federal Reserve’s Board of Governors following lackluster support from GOP senators, according to an ABC News report.
While not yet officially nominated, President Trump announced Mr. Cain last week was his pick, with conservative economist and author Stephen Moore being his second. Mr. Moore is a columnist for The Washington Times.
However, Republican Sens. Kevin Cramer (North Dakota), Lisa Murkowski (Alaska), Cory Gardner (Colorado) and Mitt Romney (Utah) all said they would vote no on Mr. Cain’s nomination.
An administration official and a source familiar with the matter both said Mr. Cain will remove his name from consideration within the coming days, ABC reported.
Sources also told the network Senate Republicans worried Mr. Cain would cut interest rates, a goal shared by Mr. Trump.
Mr. Cain, the former CEO of Godfather Pizza, ran for the GOP presidential nomination in 2012 on his “9-9-9” tax plan that would eliminate tax laws in favor of a 9 percent tax on sales, individual income and corporate income across.