https://www.axios.com/herman-cain-federal-reserve-board-pay-cut-7120b30e-547b-4264-b8ed-7fa5f0a06d9e
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Source: Axios
Former Godfather's Pizza CEO and 2012 presidential candidate Herman Cain's decision to drop out of the running for the Fed was largely expected, but his reason for doing so was surprising.
What's new: Cain wrote in an op-ed for the Western Journal yesterday that the decision was really about having to "take a pay cut" (Fed governors are paid $183,100 a year), go through vetting and being unable to "advocate on behalf of capitalism, host my radio show or make appearances on Fox Business."
Driving the news: Despite saying just last week that it was "not in my DNA" to bow out of a nomination to the Fed, Cain called the White House yesterday to say he didn't want to be considered for the position anymore, according to President Trump.
What to watch: The White House is said to still be considering nominating Stephen Moore to the Fed, despite new revelations Moore wrote sexist things about women's participation in sports.
Read more: https://www.axios.com/herman-cain-federal-reserve-board-pay-cut-7120b30e-547b-4264-b8ed-7fa5f0a06d9e.html
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