President Trump Donald John TrumpBiden on Trump's refusal to commit to peaceful transfer of power: 'What country are we in?' Romney: 'Unthinkable and unacceptable' to not commit to peaceful transition of power Two Louisville police officers shot amid Breonna Taylor grand jury protests MORE said Monday that former Republican presidential candidate Herman Cain has withdrawn from consideration to be nominated to the Federal Reserve Board amid GOP senators’ intense opposition.

“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!” Trump tweeted

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Four Republican senators said they would not support Cain, all but dooming his chances of confirmation. The decision marks a setback for Trump’s effort to install allies at the central bank, which has traditionally been independent of politics.

GOP critics of Cain argued he was unfit to serve on the Fed board, due to either past misconduct allegations or his outspoken support for Trump.

As recently as last week, the former 2012 presidential candidate said he would not withdraw from consideration, telling The Wall Street Journal he was “ very committed ” to sticking with the nomination process.

Cain also said in a Thursday interview with Fox Business Network that he “won’t run away from criticism” and that withdrawing was “not in my nature.”

Trump said on April 4 he had chosen Cain for a Fed board seat, but the president never formally nominated him to the post. Less than a week later, Trump called Cain a “wonderful man” but said the former Godfather’s Pizza CEO “will make that determination” whether to move forward with the process after sexual misconduct accusations resurfaced.



The president is also eyeing conservative economic commentator Stephen Moore for another open seat on the Fed board.



Moore has also come under fire for his political support for Trump and controversial past writings, which has also raised doubts about his chances for confirmation. But Moore thus far has not experienced an outpouring of opposition from Republican senators like Cain had.



Moore also boasts deep ties to Republican politicians after spending decades advocating conservative economic policies. His Beltway experience could help sell skeptical GOP senators on his credentials.



—Sylvan Lane contributed. Updated at 1:19 p.m.