REUTERS: U.S. President Donald Trump said on Monday that businessman Herman Cain has withdrawn his name from consideration for a seat on the Federal Reserve Board.
"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. Herman is a great American who truly loves our Country!" Trump said in a Twitter post.
Four Republican U.S. senators had voiced opposition to Cain in recent weeks, likely enough to deny Cain the support needed to be confirmed in the post.
Economists and critics expressed concerns about loyalists of Republican Trump serving on the traditionally nonpartisan central bank.
But Cain had vowed to fight on in several interviews, saying it was not clear that the minds of the four Republican senators who voiced concerns about his nomination cannot be changed.
He had also said he was under attack because he is a conservative. Cain's bid for president in 2012 was derailed by accusations of sexual harassment that he has repeatedly denied.
Cain did not immediately respond to a request for comment on Monday.
(Additional reporting by Tim Ahmann; Editing by Meredith Mazzilli)