Tags: Donald Trump | Trump Administration | herman cain | fed

Herman Cain: I Pulled Out of Fed Because of Loss of Flexibility

Herman Cain (Molly Riley/AP)

By    |   Wednesday, 24 April 2019 01:08 PM

Herman Cain said Wednesday he decided to pull his name from consideration for the Federal Reserve because he was concerned about the flexibility he'd lose if his membership on the board was approved.

"The straw that broke the camel's back was a discussion that I had with two administration staffers who told me all the things that I could not do," Cain told Fox Business' Maria Bartiromo.   

"If I became a Federal Reserve Board governor, I could not run business, could not procure business interests..that is like picking a racehorse and putting it in the stable and not letting him run."

Cain also said if he joined the board, he would no longer be able to criticize it, and he would have "very, very, very limited flexibility."

Cain, however, rejected critics who said he would have been an ally of President Donald Trump's had he gotten on the board.

"I know how to be independent," said Cain. "I understand the independence of the Federal Reserve Board. That wasn't an issue in my mind. It was only an issue in the minds of those who did not like my profile when it came to me being on that board."

Cain also had been concerned about the loss in pay he'd experience if he joined the board, but that would have been offset if he had been able to pursue his outside business interests.

"When I was told that I couldn't procure business interests and we had this conversation gap, that was the real problem," said Cain.

He also commented that he hopes the Fed remains "patient" despite the fluctuations that are occurring on the stock market.

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Herman Cain said Wednesday he decided to pull his name from consideration for the Federal Reserve because he was concerned about the flexibility he'd lose if his membership on the board was approved.
herman cain, fed
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2019-08-24
Wednesday, 24 April 2019 01:08 PM
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