Herman Cain says he passed on Trump's Federal Reserve offer because the $183,100 salary was too low

  • Godfather's Pizza CEO and former Federal Reserve's Board of Governors nominee Herman Cain said he withdrew his name from consideration because of the position's $183,100 annual salary.
  • According to financial disclosures from Cain's failed 2012 US presidential campaign, the pizza chain mogul's net worth was reportedly around $2.8 million to $6.4 million.
  • "I would have to let go of most of my business interests," Cain said in an opinion column on Monday. "I could not serve on any boards. I could not do any paid speeches."
  • Visit BusinessInsider.com for more stories.

Godfather's Pizza CEO and former Federal Reserve's Board of Governors nominee Herman Cain said he withdrew his name from consideration because of the position's $183,100 annual salary.

"I would have to let go of most of my business interests," Cain said in an opinion column on far-right blog site Western Journal. "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."

"Without getting too specific about how big a pay cut this would be, let's just say I'm pretty confident that if your boss told you to take a similar pay cut, you'd tell him where to go," he added.

According to financial disclosures from Cain's failed 2012 US presidential campaign, the pizza chain mogul had a net worth of between $2.8 million and $6.4 million, The Wall Street Journal reported on Monday.

President Donald Trump announced earlier in April that he planned to nominate Cain to the board after an interview.

"He's a very terrific man, a terrific person," Trump said of Cain at the time.

6 PHOTOS
Federal Reserve headquarters in Washington
See Gallery
Federal Reserve headquarters in Washington
A Federal Reserve police officer keeps watch while posted outside the Federal Reserve headquarters in Washington, September 16, 2015. The Federal Reserve, facing this week its biggest policy decision yet under Chair Janet Yellen, puts its credibility on the line regardless of whether it waits or raises interest rates for the first time in nearly a decade. REUTERS/Kevin Lamarque
A woman jogs past the Federal Reserve headquarters in Washington September 16, 2015. The Federal Reserve, facing this week its biggest policy decision yet under Chair Janet Yellen, puts its credibility on the line regardless of whether it waits or raises interest rates for the first time in nearly a decade. REUTERS/Kevin Lamarque
federal reserve building in...
A woman walks past the Federal Reserve headquarters in Washington September 16, 2015. The Federal Reserve, facing this week its biggest policy decision yet under Chair Janet Yellen, puts its credibility on the line regardless of whether it waits or raises interest rates for the first time in nearly a decade. REUTERS/Kevin Lamarque
The Federal Reserve headquarters in Washington September 16 2015. The Federal Reserve, facing this week its biggest policy decision yet under Chair Janet Yellen, puts its credibility on the line regardless of whether it waits or raises interest rates for the first time in nearly a decade. REUTERS/Kevin Lamarque
The Federal Reserve headquarters in Washington September 16 2015. The Federal Reserve, facing this week its biggest policy decision yet under Chair Janet Yellen, puts its credibility on the line regardless of whether it waits or raises interest rates for the first time in nearly a decade. REUTERS/Kevin Lamarque
HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

Cain's nomination was met with widespread criticism. The executive was accused of sexual misconduct dating back to the 1990s from multiple women, The Washington Post reported in 2011. The National Restaurant Association's board, of which Cain was a member, paid settlements in response to two of the allegations, according to The New York Times.

Some Republican lawmakers who would have voted for his nomination questioned his fitness for the board.

"The allegations that drove him from the presidential race are just so obviously serious," North Dakota Sen. Kevin Cramer said. "I'm not talking about his position on interest rates or anything like that, but the sexual harassment stuff. Until it's better explained I couldn't vote for him."

Cain did not indicate if he withdrew because of the increased scrutiny surrounding the confirmation process. In an opinion column published in The Journal last week, Cain claimed his "voice is needed at the Fed."

"But I did like the idea of serving on the Fed," Cain said in the Western Journal. "I was convinced I could make a positive difference advocating for better growth and monetary policies."

Trump announced that Cain withdrew from the nomination process on Monday.

Read Full Story

Sign up for Breaking News by AOL to get the latest breaking news alerts and updates delivered straight to your inbox.

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.