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Herman Cain withdraws name for a seat on the Federal Reserve after backlash in Congress

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Federal Reserve Chairman Jerome Powell says the central bank has the ability to be “patient” in determining when to hike interest rates. (Jan. 10)
AP

WASHINGTON – Former Republican presidential candidate Herman Cain withdrew his name from consideration for a seat on the Federal Reserve board on Monday, dealing a setback to President Donald Trump’s push to significantly alter the central bank’s direction.

Trump said on Twitter that he would not nominate Cain for the position at Cain’s request.

“My friend Herman Cain, a truly wonderful man, has asked me not to nominate him for a seat on the Federal Reserve Board,” Trump wrote. “I will respect his wishes. Herman is a great man who truly loves our country!”

Trump announced on April 4 that he intended to nominate Cain for the Federal Reserve position. But Cain’s possible nomination has caused a considerable backlash among Democrats and some Republicans in Congress.

Four GOP senators – Kevin Cramer of North Dakota, Mitt Romney of Utah, Lisa Murkowski of Alaska and Cory Gardner of Colorado – announced their opposition to the appointment, virtually dooming his chance of winning confirmation.

Cain, the former CEO of Godfather’s Pizza, told the Wall Street Journal last week that he was “very committed” to going through the vetting process as the White House decides whether to formally nominate him for the position.

“The president asked me one simple question. … He said, ’Would you consider doing this if you make it through the process?’ I said yes. Didn’t hesitate,” Cain told the paper.

More: Donald Trump takes fresh shot at Federal Reserve, picks fierce critic for its board

Cain, known to millions of Americans for the “9-9-9” tax plan he pushed during his 2012 run for the GOP presidential nomination, has repeatedly been accused of sexual harassment.

Trump had not formally nominated Cain to the seven-member board but had announced his intentions to do so. He called Cain “an outstanding person.”

Trump, a fierce critic of the central bank, said he would name Reagan-era economic commentator Stephen Moore to a spot on the seven-member Federal Reserve board in March. Taken together, the appointments underscore Trump’s desire to make significant chances to Fed policy.

Congressional Democrats ridiculed both picks and compared them to a “Saturday Night Live” skit. House Speaker Nancy Pelosi, D-Calif., called Moore and Cain “totally ill-suited, unqualified”  for the positions.

The Fed, an independent board whose members are appointed by the president, raises interest rates to cool down a hot economy and cuts them to stimulate a sluggish one. The rates affect how much it costs to use a credit card, sign a car loan or buy a home.

In December, the Fed said it had penciled in two rate increases this year following four increases in 2018 as part of a campaign to return rates to more normal levels as the economy has improved since the Great Recession. Trump had argued that those increases have slowed growth in an otherwise strong economy.

Cain’s  “9-9-9 plan” to overhaul the tax code called  for a 9% flat tax on household income, 9% corporate tax and 9% national sales tax. The former candidate drew wide support from the tea party movement. But his campaign was derailed after several women said he had sexually harassed them and one alleged a long-term extramarital affair. Cain denied the allegations.

Cain was the chairman of the Federal Reserve Bank of Kansas City, Omaha Branch, from 1989 to 1991.

Contributing: John Fritze, David Jackson, Ledyard King

More: Trump puts Fed independence at risk with Cain and Moore picks, but it will survive

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  • p24/7 Wall St. reviewed the report in addition to Census data to identify the states getting the most and least from Uncle Sam. States were ranked based on the amount of money they received per capita from the federal government in fiscal 2017 minus the amount residents and organizations paid the federal government per capita./p1 of 51
  • pb1. Virginia/bbr /b Net federal funding:/b $10,301 per residentbr /b Total revenue from fed. gov.:/b $176.8 billion (5th most)br /b SNAP benefit recipiency:/b 8.1 percent (8th lowest)br /b Median household income:/b $71,535 (9th highest)/p2 of 51
  • pstrong2. Kentucky/strongbr /strong Net federal funding:/strong $9,145 per residentbr /strong Total revenue from fed. gov.:/strong $70.8 billion (19th most)br /strong SNAP benefit recipiency:/strong 14.1 percent (8th highest)br /strong Median household income:/strong $48,375 (7th lowest)/p3 of 51
  • pstrong3. New Mexico/strongbr /strong Net federal funding:/strong $8,692 per residentbr /strong Total revenue from fed. gov.:/strong $31.7 billion (19th least)br /strong SNAP benefit recipiency:/strong 17.4 percent (the highest)br /strong Median household income:/strong $46,744 (5th lowest)/p4 of 51
  • pstrong4. West Virginia/strongbr /strong Net federal funding:/strong $7,283 per residentbr /strong Total revenue from fed. gov.:/strong $24.6 billion (15th least)br /strong SNAP benefit recipiency:/strong 16.8 percent (2nd highest)br /strong Median household income:/strong $43,469 (the lowest)/p5 of 51
  • pstrong5. Alaska/strongbr /strong Net federal funding:/strong $7,048 per residentbr /strong Total revenue from fed. gov.:/strong $13.0 billion (8th least)br /strong SNAP benefit recipiency:/strong 10.8 percent (tied - 22nd lowest)br /strong Median household income:/strong $73,181 (7th highest)/p6 of 51
  • pstrong6. Mississippi/strongbr /strong Net federal funding:/strong $6,880 per residentbr /strong Total revenue from fed. gov.:/strong $37.8 billion (21st least)br /strong SNAP benefit recipiency:/strong 15.3 percent (6th highest)br /strong Median household income:/strong $43,529 (2nd lowest)/p7 of 51
  • pstrong7. Alabama/strongbr /strong Net federal funding:/strong $6,694 per residentbr /strong Total revenue from fed. gov.:/strong $65.8 billion (21st most)br /strong SNAP benefit recipiency:/strong 14.0 percent (9th highest)br /strong Median household income:/strong $48,123 (6th lowest)/p8 of 51
  • pstrong8. Maryland/strongbr /strong Net federal funding:/strong $6,035 per residentbr /strong Total revenue from fed. gov.:/strong $105.1 billion (11th most)br /strong SNAP benefit recipiency:/strong 10.3 percent (17th lowest)br /strong Median household income:/strong $80,776 (the highest)/p9 of 51
  • strong9. Maine/strongbr /strong Net federal funding:/strong $5,572 per residentbr /strong Total revenue from fed. gov.:/strong $17.4 billion (10th least)br /strong SNAP benefit recipiency:/strong 12.8 percent (17th highest)br /strong Median household income:/strong $56,277 (20th lowest)10 of 51
  • pstrong10. Hawaii/strongbr /strong Net federal funding:/strong $5,270 per residentbr /strong Total revenue from fed. gov.:/strong $19.9 billion (13th least)br /strong SNAP benefit recipiency:/strong 10.7 percent (20th lowest)br /strong Median household income:/strong $77,765 (3rd highest)/p11 of 51
  • pstrong11. Arkansas/strongbr /strong Net federal funding:/strong $5,080 per residentbr /strong Total revenue from fed. gov.:/strong $35.1 billion (20th least)br /strong SNAP benefit recipiency:/strong 11.8 percent (25th highest)br /strong Median household income:/strong $45,869 (3rd lowest)/p12 of 51
  • pb12. South Carolina/bbr /b Net federal funding:/b $5,008 per residentbr /b Total revenue from fed. gov.:/b $59.7 billion (23rd most)br /b SNAP benefit recipiency:/b 12.3 percent (tied - 19th highest)br /b Median household income:/b $50,570 (9th lowest)/p13 of 51
  • pstrong13. Arizona/strongbr /strong Net federal funding:/strong $4,430 per residentbr /strong Total revenue from fed. gov.:/strong $82.8 billion (14th most)br /strong SNAP benefit recipiency:/strong 10.8 percent (tied - 22nd lowest)br /strong Median household income:/strong $56,581 (23rd lowest)/p14 of 51
  • pstrong14. Oklahoma/strongbr /strong Net federal funding:/strong $3,986 per residentbr /strong Total revenue from fed. gov.:/strong $45.1 billion (23rd least)br /strong SNAP benefit recipiency:/strong 13.2 percent (tied - 12th highest)br /strong Median household income:/strong $50,051 (8th lowest)/p15 of 51
  • pstrong15. Missouri/strongbr /strong Net federal funding:/strong $3,949 per residentbr /strong Total revenue from fed. gov.:/strong $72.3 billion (18th most)br /strong SNAP benefit recipiency:/strong 11.0 percent (23rd lowest)br /strong Median household income:/strong $53,578 (15th lowest)/p16 of 51
  • pb16. Montana/bbr /b Net federal funding:/b $3,808 per residentbr /b Total revenue from fed. gov.:/b $12.2 billion (6th least)br /b SNAP benefit recipiency:/b 9.4 percent (14th lowest)br /b Median household income:/b $53,386 (14th lowest)/p17 of 51
  • pstrong17. Louisiana/strongbr /strong Net federal funding:/strong $3,785 per residentbr /strong Total revenue from fed. gov.:/strong $52.0 billion (25th least)br /strong SNAP benefit recipiency:/strong 16.4 percent (3rd highest)br /strong Median household income:/strong $46,145 (4th lowest)/p18 of 51
  • pstrong18. Vermont/strongbr /strong Net federal funding:/strong $3,741 per residentbr /strong Total revenue from fed. gov.:/strong $8.0 billion (3rd least)br /strong SNAP benefit recipiency:/strong 11.5 percent (24th lowest)br /strong Median household income:/strong $57,513 (24th lowest)/ppbr //p19 of 51
  • strong19. Tennessee/strongbr /strong Net federal funding:/strong $3,591 per residentbr /strong Total revenue from fed. gov.:/strong $76.3 billion (17th most)br /strong SNAP benefit recipiency:/strong 13.5 percent (11th highest)br /strong Median household income:/strong $51,340 (10th lowest)20 of 51
  • pstrong20. Idaho/strongbr /strong Net federal funding:/strong $3,428 per residentbr /strong Total revenue from fed. gov.:/strong $17.5 billion (11th least)br /strong SNAP benefit recipiency:/strong 9.7 percent (16th lowest)br /strong Median household income:/strong $52,225 (11th lowest)/p21 of 51
  • pstrong21. North Carolina/strongbr /strong Net federal funding:/strong $3,358 per residentbr /strong Total revenue from fed. gov.:/strong $113.1 billion (9th most)br /strong SNAP benefit recipiency:/strong 12.3 percent (tied - 19th highest)br /strong Median household income:/strong $52,752 (13th lowest)/p22 of 51
  • pstrong22. Delaware/strongbr /strong Net federal funding:/strong $2,892 per residentbr /strong Total revenue from fed. gov.:/strong $11.5 billion (5th least)br /strong SNAP benefit recipiency:/strong 10.4 percent (18th lowest)br /strong Median household income:/strong $62,852 (17th highest)/ppbr //p23 of 51
  • pstrong23. Ohio/strongbr /strong Net federal funding:/strong $2,750 per residentbr /strong Total revenue from fed. gov.:/strong $125.7 billion (8th most)br /strong SNAP benefit recipiency:/strong 13.2 percent (tied - 12th highest)br /strong Median household income:/strong $54,021 (16th lowest)/p24 of 51
  • pstrong24. Oregon/strongbr /strong Net federal funding:/strong $2,477 per residentbr /strong Total revenue from fed. gov.:/strong $45.7 billion (24th least)br /strong SNAP benefit recipiency:/strong 15.4 percent (tied - 4th highest)br /strong Median household income:/strong $60,212 (20th highest)/p25 of 51
  • strong25. Michigan/strongbr /strong Net federal funding:/strong $2,474 per residentbr /strong Total revenue from fed. gov.:/strong $108.4 billion (10th most)br /strong SNAP benefit recipiency:/strong 13.1 percent (14th highest)br /strong Median household income:/strong $54,909 (18th lowest)26 of 51
  • strong26. Indiana/strongbr /strong Net federal funding:/strong $2,359 per residentbr /strong Total revenue from fed. gov.:/strong $67.8 billion (20th most)br /strong SNAP benefit recipiency:/strong 9.3 percent (13th lowest)br /strong Median household income:/strong $54,181 (17th lowest)27 of 51
  • strong27. Pennsylvania/strongbr /strong Net federal funding:/strong $2,299 per residentbr /strong Total revenue from fed. gov.:/strong $155.8 billion (6th most)br /strong SNAP benefit recipiency:/strong 12.9 percent (tied - 15th highest)br /strong Median household income:/strong $59,195 (24th highest)28 of 51
  • pstrong28. Georgia/strongbr /strong Net federal funding:/strong $2,253 per residentbr /strong Total revenue from fed. gov.:/strong $104.5 billion (12th most)br /strong SNAP benefit recipiency:/strong 12.6 percent (18th highest)br /strong Median household income:/strong $56,183 (19th lowest)/p29 of 51
  • strong29. Rhode Island/strongbr /strong Net federal funding:/strong $2,228 per residentbr /strong Total revenue from fed. gov.:/strong $12.6 billion (7th least)br /strong SNAP benefit recipiency:/strong 15.4 percent (tied - 4th highest)br /strong Median household income:/strong $63,870 (15th highest)30 of 51
  • pstrong30. Florida/strongbr /strong Net federal funding:/strong $2,187 per residentbr /strong Total revenue from fed. gov.:/strong $237.7 billion (3rd most)br /strong SNAP benefit recipiency:/strong 13.6 percent (10th highest)br /strong Median household income:/strong $52,594 (12th lowest)/p31 of 51
  • pstrong31. Kansas/strongbr /strong Net federal funding:/strong $1,983 per residentbr /strong Total revenue from fed. gov.:/strong $31.3 billion (18th least)br /strong SNAP benefit recipiency:/strong 7.7 percent (6th lowest)br /strong Median household income:/strong $56,422 (21st lowest)/p32 of 51
  • strong32. South Dakota/strongbr /strong Net federal funding:/strong $1,409 per residentbr /strong Total revenue from fed. gov.:/strong $9.3 billion (4th least)br /strong SNAP benefit recipiency:/strong 8.9 percent (tied - 12th lowest)br /strong Median household income:/strong $56,521 (22nd lowest)33 of 51
  • pstrong33. Nevada/strongbr /strong Net federal funding:/strong $1,140 per residentbr /strong Total revenue from fed. gov.:/strong $28.7 billion (16th least)br /strong SNAP benefit recipiency:/strong 12.2 percent (22nd highest)br /strong Median household income:/strong $58,003 (25th lowest)/p34 of 51
  • pstrong34. Iowa/strongbr /strong Net federal funding:/strong $1,105 per residentbr /strong Total revenue from fed. gov.:/strong $29.9 billion (17th least)br /strong SNAP benefit recipiency:/strong 9.6 percent (15th lowest)br /strong Median household income:/strong $58,570 (25th highest)/p35 of 51
  • pstrong35. Minnesota/strongbr /strong Net federal funding:/strong $959 per residentbr /strong Total revenue from fed. gov.:/strong $64.4 billion (22nd most)br /strong SNAP benefit recipiency:/strong 7.8 percent (7th lowest)br /strong Median household income:/strong $68,388 (12th highest)/p36 of 51
  • pstrong36. Wyoming/strongbr /strong Net federal funding:/strong $670 per residentbr /strong Total revenue from fed. gov.:/strong $7.1 billion (the least)br /strong SNAP benefit recipiency:/strong 6.3 percent (tied - the lowest)br /strong Median household income:/strong $60,434 (19th highest)/p37 of 51
  • pstrong37. Wisconsin/strongbr /strong Net federal funding:/strong $536 per residentbr /strong Total revenue from fed. gov.:/strong $55.4 billion (25th most)br /strong SNAP benefit recipiency:/strong 10.6 percent (19th lowest)br /strong Median household income:/strong $59,305 (22nd highest)/p38 of 51
  • pstrong38. Texas/strongbr /strong Net federal funding:/strong $304 per residentbr /strong Total revenue from fed. gov.:/strong $269.0 billion (2nd most)br /strong SNAP benefit recipiency:/strong 12.0 percent (tied - 23rd highest)br /strong Median household income:/strong $59,206 (23rd highest)/p39 of 51
  • strong39. Utah/strongbr /strong Net federal funding:/strong $296 per residentbr /strong Total revenue from fed. gov.:/strong $23.9 billion (14th least)br /strong SNAP benefit recipiency:/strong 6.8 percent (3rd lowest)br /strong Median household income:/strong $68,358 (13th highest)40 of 51
  • pstrong40. California/strongbr /strong Net federal funding:/strong $12 per residentbr /strong Total revenue from fed. gov.:/strong $436.1 billion (the most)br /strong SNAP benefit recipiency:/strong 8.9 percent (tied - 12th lowest)br /strong Median household income:/strong $71,805 (8th highest)/p41 of 51
  • pstrong41. Colorado/strongbr /strong Net federal funding:/strong -$95 per residentbr /strong Total revenue from fed. gov.:/strong $57.5 billion (24th most)br /strong SNAP benefit recipiency:/strong 7.6 percent (5th lowest)br /strong Median household income:/strong $69,117 (11th highest)/p42 of 51
  • strong42. Nebraska/strongbr /strong Net federal funding:/strong -$164 per residentbr /strong Total revenue from fed. gov.:/strong $17.7 billion (12th least)br /strong SNAP benefit recipiency:/strong 8.3 percent (9th lowest)br /strong Median household income:/strong $59,970 (21st highest)43 of 51
  • pstrong43. Washington/strongbr /strong Net federal funding:/strong -$184 per residentbr /strong Total revenue from fed. gov.:/strong $80.5 billion (15th most)br /strong SNAP benefit recipiency:/strong 12.3 percent (tied - 19th highest)br /strong Median household income:/strong $70,979 (10th highest)/p44 of 51
  • pstrong44. New Hampshire/strongbr /strong Net federal funding:/strong -$234 per residentbr /strong Total revenue from fed. gov.:/strong $15.0 billion (9th least)br /strong SNAP benefit recipiency:/strong 7.0 percent (4th lowest)br /strong Median household income:/strong $73,381 (6th highest)/p45 of 51
  • pstrong45. Illinois/strongbr /strong Net federal funding:/strong -$364 per residentbr /strong Total revenue from fed. gov.:/strong $131.8 billion (7th most)br /strong SNAP benefit recipiency:/strong 12.9 percent (tied - 15th highest)br /strong Median household income:/strong $62,992 (16th highest)/p46 of 51
  • pstrong46. North Dakota/strongbr /strong Net federal funding:/strong -$720 per residentbr /strong Total revenue from fed. gov.:/strong $7.9 billion (2nd least)br /strong SNAP benefit recipiency:/strong 6.3 percent (tied - the lowest)br /strong Median household income:/strong $61,843 (18th highest)/p47 of 51
  • pstrong47. New York/strongbr /strong Net federal funding:/strong -$1,792 per residentbr /strong Total revenue from fed. gov.:/strong $220.6 billion (4th most)br /strong SNAP benefit recipiency:/strong 14.8 percent (7th highest)br /strong Median household income:/strong $64,894 (14th highest)/p48 of 51
  • pstrong48. Massachusetts/strongbr /strong Net federal funding:/strong -$2,343 per residentbr /strong Total revenue from fed. gov.:/strong $78.7 billion (16th most)br /strong SNAP benefit recipiency:/strong 11.7 percent (25th lowest)br /strong Median household income:/strong $77,385 (4th highest)/p49 of 51
  • strong49. New Jersey/strongbr /strong Net federal funding:/strong -$2,368 per residentbr /strong Total revenue from fed. gov.:/strong $97.7 billion (13th most)br /strong SNAP benefit recipiency:/strong 8.9 percent (tied - 12th lowest)br /strong Median household income:/strong $80,088 (2nd highest)50 of 51
  • pb50. Connecticut/bbr /b Net federal funding:/b -$4,000 per residentbr /b Total revenue from fed. gov.:/b $41.1 billion (22nd least)br /b SNAP benefit recipiency:/b 12.0 percent (tied - 23rd highest)br /b Median household income:/b $74,168 (5th highest)/p51 of 51

 

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