President Trump announced that Herman Cain is withdrawing his name from consideration as a member of the Federal Reserve’s Board of Governors.

Just last week Cain said he wouldn’t withdraw.

Herman Cain told the Wall Street Journal that he has no intention of withdrawing his name from consideration for a seat on the Federal Reserve Board, despite an apparent lack of sufficient support for Senate confirmation if President Trump nominates him.

Sen. Kevin Cramer (R-ND), a close Trump ally, told reporters that “if I had to vote right now, there’s no way I could vote for” Herman Cain for the Federal Reserve Board, The Hill reports.

“Cramer’s opposition makes him the fourth Republican to denounce Cain’s potential nomination, effectively ending Cain’s chance at confirmation. Sens. Lisa Murkowski (R-AK), Cory Gardner (R-CO) and Mitt Romney (R-UT) all came out against Cain on Wednesday.”

“Herman Cain is in deep trouble. And he hasn’t even been formally nominated to the Federal Reserve yet,” Politico reports.

“Senate Republicans are warning the White House that the 2012 presidential candidate will face one of the most difficult confirmation fights of Donald Trump’s presidency and are making a behind-the-scenes play to get the president to back off.”

“I doubt that will be a nomination. But if it were a nomination, you can bet what the interest rates he would be pushing for. If Herman Cain were on the Fed, you’d know the interest rate would soon be 9-9-9.”

— Sen. Mitt Romney (R-UT), quoted by Politico, on reports that President Trump might name former presidential candidate Herman Cain to the Federal Reserve Board.

“President Trump has told confidants he wants Herman Cain on the Federal Reserve board, but will wait until his background check is completed before making the formal announcement,” Axios reports.

“The administration did not conduct a thorough vetting of Trump’s most recent Fed pick, Stephen Moore, and they’ve had to weather stories about back taxes owed by Moore and that he had failed to pay alimony to his ex-wife.”

Bloomberg: “Cain, 73, was in the White House on Wednesday, according to people familiar with the matter. Two seats on the Fed board are vacant, but nominating Cain raises the prospect of a Senate confirmation hearing focused on the sexual harassment and infidelity accusations that ended his presidential campaign.”

“Cain had a long corporate career and is also familiar with the Federal Reserve system. From 1992 to 1996, he served as a director of the Federal Reserve Bank of Kansas City, as well as deputy chairman and then chairman.”