Apr 23, 2019

Herman Cain says he bowed out of Fed Board consideration due to pay cut

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

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Coronavirus updates: World case count tops 600,000, Spain sees its deadliest day of outbreak

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

Spain reported a record 832 coronavirus deaths in 24 hours — just one day after Italy reported nearly 1,000 deaths.

The big picture: The U.S. now leads the world in confirmed coronavirus cases, as the number of global cases nears 615,519. Governments around the world are trying to curb the medical and financial fallout of COVID-19, as infections surge across Europe and the U.S.

Go deeperArrowUpdated 5 mins ago - Health

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 615,519 — Total deaths: 28,687 — Total recoveries: 135,671.
  2. U.S.: Leads the world in cases. Total confirmed cases as of 9 a.m. ET: 104,837 — Total deaths: 1,711 — Total recoveries: 894.
  3. Federal government latest: President Trump signed the $2 trillion coronavirus stimulus bill to provide businesses and U.S. workers economic relief.
  4. State updates: Alaska is latest state to issue stay-at-home order — New York is trying to nearly triple its hospital capacity in less than a month.
  5. World updates: Italy reported 969 coronavirus deaths on Friday, the country's deadliest day.
  6. Business latest: President Trump authorized the use of the Defense Production Act to direct General Motors to build ventilators for those affected by COVID-19. White House trade adviser Peter Navarro has been appointed to enforce the act.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancing.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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The one-minute coronavirus story

Illustration: Sarah Grillo/Axios

News about the coronavirus is so big and coming so fast that it's hard to remember what happened just last week, let alone last month.

Here's the quickest possible review of the story so far — how it happened and how the U.S. lost control.

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