Donald Trump will not name Herman Cain to the Federal Reserve board. The US president said on Monday the former Republican presidential hopeful and Godfathers pizza chief executive had asked him to stop the nomination.

'Very smart people': Trump adviser defends Cain and Moore Fed picks Read more

Trump tweeted: “My friend Herman Cain, a truly wonderful man, has asked me not to nominate him for a seat on the Federal Reserve board. I will respect his wishes. Herman is a great American who truly loves our country!”

Cain’s economic expertise had been called into question, as had his character: he withdrew from the 2012 Republican primary after a number of women alleged he sexually harassed them. He denies all the allegations but has admitted “some sort of settlements” were made.

A number of Republican senators had said they would not support Cain for the Fed, making it unlikely he would have the necessary backing to be confirmed as no Democrats indicated they would support him.

Trump has regularly attacked the Fed over its economic policies. Amid concern about the selection of two Trump allies for seats on the board of an independent body, the president’s other pick, the conservative economist Stephen Moore, has also come under fire.

Media outlets including the Guardian reported that the 2016 Trump campaign adviser owes the Internal Revenue Service $75,000 in taxes. Moore said he was “working through a dispute with the IRS, attempting to be returned what my attorneys and accountant believe were tax overpayments of tens of thousands of dollars”.

Democrats seek financial records from Trump Fed pick after Guardian report Read more

The Guardian also reported that Moore was once held in contempt for more than $300,000 in alimony payments after an acrimonious divorce. Moore called the reports “vile and vicious and underhanded”.

CNN reported on Monday that in columns written for the conservative National Review between 2001 and 2003, Moore said women should be barred from refereeing, announcing and even selling beer at at men’s college basketball games.

Moore made the points in four columns, asking if there was any area in life “where men can take vacation from women” and calling it a “travesty” that men and women play sports together in recreational leagues.