Earlier this month, former Republican presidential candidate Herman Cain was being considered for a high position in President Trump’s administration.
The president said he liked his former political opponent and was eyeing him for a job as a governor on the Federal Reserve Board.
"I've told my folks that that's the man," Trump said, according to NBC News.
But now Cain has withdrawn his name from consideration before he could be officially nominated.
“My friend Herman Cain, a truly wonderful man, has asked me not to nominate him for a seat on the Federal Reserve Board,” Trump tweeted on Monday. “I will respect his wishes. Herman is a great American who truly loves our Country!”
Speculation has arisen that Cain took himself out of the running in order to avoid the extreme amount of scrutiny and criticism that he would have likely faced as the Senate examined past allegations of sexual harassment made against him.
Cain was considered a solid contender in the 2012 presidential race for the Republican nomination when his campaign hit a brick wall after several women accused him of sexual misconduct and a long-running affair.
Cain denied all the accusations, saying they were attempts at “character assassination,” according to GlobalPost. His poll numbers plummeted, though, and he ended his campaign.
Later on Monday, Cain said he withdrew from consideration because he didn't want to take "a pay cut" and had "ethical restrictions," according to The Hill.
“I would have to let go of most of my business interests. I could not serve on any boards. I could not do any paid speeches. I could not advocate on behalf of capitalism, host my radio show or make appearances on Fox Business,” he explained.
Cain did face fierce opposition from four Republican senators after his name was floated as a possibility, according to the New York Post, but he said recently that “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.”
The 73-year-old is the founder of the Godfather’s Pizza chain, which has hundreds of locations around the U.S. He was also the director of the Federal Reserve Bank of Kansas City for four years back in the 1990s, according to the Washington Examiner.
The prominent businessman rose out of poverty through hard work and an entrepreneurial spirit. His flat tax plan and solid debate performance drew praise from many conservatives during the 2012 race.