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Trump says Cain withdraws from consideration for Fed seat

Herman Cain speaks during Faith and Freedom Coalition's

Herman Cain speaks during Faith and Freedom Coalition's Road to Majority event in Washington, D.C., on June 20, 2014. Credit: AP/Molly Riley

President Donald Trump says Herman Cain has withdrawn from consideration for a seat on the Federal Reserve's board amid a focus on past scandals.

Cain is a former CEO of Godfather's Pizza who dropped out of the 2012 presidential race amid allegations of sexual harassment and infidelity. The issues resurfaced after Trump said he intended to nominate Cain to the central bank's board of governors.

Trump tweeted Monday that "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."

The president added that "Herman is a great American who truly loves our Country!"

Trump has also nominated conservative ally Stephen Moore for a separate vacancy on the Fed's seven-member board.

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