President Donald Trump said Monday that businessman Herman Cain has withdrawn his name for consideration as a nominee to the Federal Reserve Board.

“My friend Herman Cain, a truly wonderful man, has asked me not to nominate him for a seat on the Federal Reserve Board,” Trump wrote. “I will respect his wishes.”

Trump announced the news after Ginger White, a woman who claimed she had an affair with Cain, said she was willing to testify against Cain in Congress.

Last week, Cain denied the allegation, adding that he would not be deterred by the attack.

“This is recycled defamation that was nearly eight years ago. And if they want to go down that road, go ahead,” he said in a Fox News interview Thursday. “But I am not going to drop out because they are recycling the unfounded accusations.”

He confirmed that he knew White and helped her financially but denied the affair.

Cain also faced opposition from four Republican senators to his potential nomination, making it unlikely that he would survive Senate confirmation hearings.

Cain was not officially nominated, but the president expressed a keen interest in doing so.

Trump defended Cain, despite his decision to withdraw his nomination.

“Herman is a great American who truly loves our Country!” he wrote.