President Trump announced in a Monday tweet that Herman Cain is withdrawing his name from consideration as a member of the Federal Reserve's Board of Governors, a week after Cain said he wouldn't withdraw.

"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!"

The big picture: Cain's potential nomination to the Fed already faced pushback from Republican senators due to sexual assault allegations, which he has previously denied. He told the Wall Street Journal last week, "I don't quit because of negative criticism. ... I don't quit because of negative attacks. And I don't quit because several senators have expressed reservations about my qualifications."