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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Updated 11 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5:30 p.m. ET: 33,484,120 — Total deaths: 1,004,082 — Total recoveries: 23,212,633Map.
  2. U.S.: Total confirmed cases as of 5:30 p.m. ET: 7,180,179 — Total deaths: 205,729 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Health: Americans won't take Trump's word on the vaccine, Axios-Ipsos poll finds.
  4. States: NYC's coronavirus positivity rate spikes to highest since June.
  5. Sports: Tennessee Titans close facility amid NFL's first coronavirus outbreak.
  6. World: U.K. beats previous record for new coronavirus cases.
  7. Work: United States of burnout — Asian American unemployment spikes amid pandemic

What to watch in tonight's debate

Joe Biden (left) and President Trump (right) are facing off in Cleveland for the first presidential debate. Photos: Alex Wong (of Biden) and David Hume Kennerly (of Trump)/Getty Images

President Trump will try to break Joe Biden's composure by going after his son Hunter and other family members in tonight's first presidential debate — a campaign source tells Axios "nothing will be off the table" — while Biden plans to stick to the economy, coronavirus and new revelations about how Trump avoided paying taxes.

Driving the news: Biden and Trump are set to debate at 9 p.m. ET at Case Western Reserve University in Cleveland, and it will be moderated by Fox News' Chris Wallace.

Massive layoffs hit Disney theme parks

A person posing for a photo in front of the iconic Disney castle at Disneyland Resort in Hong Kong on Sept, 25. Photo: Miguel Candela Poblacion/Anadolu Agency via Getty Images

Disney is laying off 28,000 workers at its theme parks and experiences and consumer products divisions, the company said in a statement Tuesday.

Why it matters: The coronavirus pandemic has forced the company to close its California theme parks and limit attendance at re-opened parks elsewhere around the U.S. Around 67% of the 28,000 laid off workers are part-time employees, according to Josh D’Amaro, chairman of Disney's parks, experiences and products division.