WASHINGTON, April 22 (Xinhua) -- U.S. President Donald Trump said Monday that Herman Cain, a candidate considered by the president to fill a vacancy on the U.S. Federal Reserve Board, withdrew himself from being nominated for the board seat.
Trump said in a tweet that Cain "has asked me not to nominate him for a seat on the Federal Reserve Board," adding that he will respect the 2012 Republican presidential contender's wishes.
Trump announced on April 4 that he was considering nominating Cain for the Fed board position.
An outspoken critic of the Fed's monetary tightening policy, Cain co-founded a pro-Trump political action committee -- America Fighting Back PAC -- earlier this year.
Given these track records, there have been worries that his nomination would potentially undermine the central bank's independence.
CNBC reported that at least four Republican senators were against Cain's nomination since Trump announced his decision, meaning he could likely have failed in the confirmation process.
There are currently two vacancies on the seven-member Fed board, and nominations have to be approved by the Senate.