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Herman Cain in 2012. Photo: Scott Olson/Getty Images

Former Godfather's Pizza CEO and 2012 presidential candidate Herman Cain's decision to drop out of the running for the Fed was largely expected, but his reason for doing so was surprising.

What's new: Cain wrote in an op-ed for the Western Journal yesterday that the decision was really about having to "take a pay cut" (Fed governors are paid $183,100 a year), go through vetting and being unable to "advocate on behalf of capitalism, host my radio show or make appearances on Fox Business."

Driving the news: Despite saying just last week that it was "not in my DNA" to bow out of a nomination to the Fed, Cain called the White House yesterday to say he didn't want to be considered for the position anymore, according to President Trump.

What to watch: The White House is said to still be considering nominating Stephen Moore to the Fed, despite new revelations Moore wrote sexist things about women's participation in sports.

"Herman Cain was woefully unqualified to be on the Federal Reserve and his failure to garner adequate support should not be used as a pathway by Senate Republicans to approve Stephen Moore, who is equally unqualified, and perhaps more political. Mr. Moore, like Mr. Cain, poses a danger to the economic stability of our country."
— Senate Minority Leader Chuck Schumer, in a statement Monday

My thought bubble: The sexual assault allegations against Cain are disqualifying as is his clear fealty to Trump and lack of economics knowledge. However, he was chairman of the Kansas City Fed's Omaha branch from 1989 to 1991. He was deputy chairman from 1992 to 1994 and chairman of the Kansas City Fed until 1996. That 4 Republican senators came forward to oppose Cain but none have so far publicly opposed Moore is noteworthy if unsurprising.

Go deeper: Herman Cain withdraws from Fed Board consideration

Go deeper

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong to put tens of thousands on lockdown as cases surge.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.

Trump impeachment trial to start week of Feb. 8, Schumer says

Senate Majority Leader Chuck Schumer. Photo: The Washington Post via Getty

The Senate will begin former President Trump's impeachment trial the week of Feb. 8, Majority Leader Chuck Schumer announced Friday on the Senate floor.

The state of play: Schumer announced the schedule after reaching an agreement with Republicans. The House will transmit the article of impeachment against the former president late Monday.

4 hours ago - Health

CDC extends interval between COVID vaccine doses for exceptional cases

Photo: Joseph Prezioso/AFP via Getty

Patients can space out the two doses of the coronavirus vaccine by up to six weeks if it’s "not feasible" to follow the shorter recommended window, according to updated guidance from the Centers for Disease and Control and Prevention.

Driving the news: With the prospect of vaccine shortages and a low likelihood that supply will expand before April, the latest changes could provide a path to vaccinate more Americans — a top priority for President Biden.