Herman Cain withdraws from Fed consideration

Former presidential candidate Herman Cain withdrew his name from consideration for a position on the Federal Reserve board.

“Without getting too specific about how big a pay cut this would be, let’s just say I’m pretty confident that if your boss told you to take a similar pay cut, you’d tell him where to go," Cain said.

He also faces accusations of sexual harassment and criticism about his qualfications to serve on the Fed board.

Read more from The New York Times.