Herman Cain Abandons Plans For Fed Seat

Herman Cain, the former pizza chain executive picked by Donald Trump for an empty seat on the US Federal Reserve, has withdrawn his candidacy, the president said on Monday.

Cain's chances were scuppered after four Senate Republicans went public with their opposition to him getting onto the board of the central bank.

Cain was also opposed by Democrats, meaning his nomination would fail to win confirmation in the upper house.

"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," Trump announced in a tweet. "Herman is a great American who truly loves our Country!"

Cain's nomination never became official, but he'd been favoured by Trump, who has broken with precedent in his muscular approach to the independent Fed, which he wants to lower interest rates. (AFP)