Cain Says He Dropped Out Of Fed Consideration Because It Doesn’t Pay Enough

Radio Journalist honoree: Herman Cain, host of The Herman Cain Show, speaks at the Third Annual Multicultural Media Correspondents Dinner at the National Press Club in Washington, D.C. on Thursday, May 24, 2018. (Photo by Cheriss May/NurPhoto)
Radio Journalist honoree: Herman Cain, host of The Herman Cain Show, speaks at the Third Annual Multicultural Media Correspondents Dinner at the National Press Club in Washington, D.C. on Thursday, May 24, 2018. (Pho... Radio Journalist honoree: Herman Cain, host of The Herman Cain Show, speaks at the Third Annual Multicultural Media Correspondents Dinner at the National Press Club in Washington, D.C. on Thursday, May 24, 2018. (Photo by Cheriss May/NurPhoto via Getty Images) MORE LESS
|
April 23, 2019 9:28 a.m.

Herman Cain, who, up until Monday, was President Donald Trump’s likely pick for the Federal Reserve Board, said he dropped out of the process after finding out the salary: a paltry $183,100.

“It’s an honor, it’s prestigious, and I really wanted to do it, emotionally,” Cain told the Wall Street Journal. “But factually, it is a big cut in pay.”

“My biggest passion is making money,” he added.

Scrutiny will now likely shift to Trump’s other embattled likely nominee, Stephen Moore. Between his lack of qualifications and spat with the IRS, he also carries significant baggage into the confirmation process.

As for Cain, he seems content to return to his life of high-paying speaking gigs and weird spammy email blitzes.

“Do you want a horse kept in the stable…or do you want to put this horse out on the racetrack and let him run?” Cain asked. “I’m a racehorse, OK? And working from the Fed, I would have been severely hampered in a lot of things that I could say and do. I did not like that prospect.”

Introducing
The TPM Journalism Fund: A New Way To Support TPM
We're launching the TPM Journalism Fund as an additional way for readers and members to support TPM. Every dollar contributed goes toward:
  • -Hiring More Journalists
  • -Providing free memberships to those who cannot afford them
  • -Supporting independent, non-corporate journalism
Are you experiencing financial hardship?
Apply for a free community-supported membership
Comments
advertisement
Masthead Masthead
Founder & Editor-in-Chief:
Executive Editor:
Managing Editor:
Senior Editor:
Special Projects Editor:
Editor at Large:
General Counsel:
Publisher:
Head of Product:
Director of Technology:
Publishing Associate:
Front-End Developer:
Senior Designer:
SPECIAL DEAL FOR PAST TPM MEMBERS
40% OFF AN ANNUAL PRIME MEMBERSHIP
REJOIN FOR JUST $30