Herman Cain says sexual harassment allegations not a factor in withdrawing from Fed consideration

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Herman Cain explains his decision to withdraw from the Federal Reserve Board nomination process

New Voice CEO Herman Cain compares the restrictions placed on Federal Reserve governors to keeping a stallion in a stable and not letting him run.

Former Republican presidential candidate Herman Cain appeared on "Hannity" Tuesday night, where he addressed whether past allegations of sexual harassment were a factor in his decision to withdraw from consideration for a seat on the Federal Reserve's board.

"Those accusations had nothing to do with my decision," Cain told host Sean Hannity. "My decision was driven by ... collecting all the information, and also finding out from administration staffers the things that I could and could not do.

CAIN'S BID FOR FED FACES SETBACK

"And when I started to look at the things that I could not do," Cain continued, "that is like taking a stallion, keeping him in the stables, and not let him run. I couldn't do the things that I enjoy."

President Trump tweeted Monday that Cain asked not to be nominated.

"And when I started to look at the things that I could not do, that is like taking a stallion, keeping him in the stables, and not let him run."

— Herman Cain

“My friend Herman Cain, a truly wonderful man, has asked me not to nominate him for a seat on the Federal Reserve Board. I will respect his wishes. Herman is a great American who truly loves our Country!” Trump tweeted.

Sexual harassment and infidelity allegations hurt Cain’s 2012 presidential bid and resurfaced after Trump initially said he intended to nominate him for the Fed board.

Cain, the former CEO of Godfather's Pizza, said last week on Fox Business Network that he had no plans to withdraw from consideration.

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Cain told Hannity that limitations on speaking openly eventually led him to withdraw his nomination.

"If I have become the Federal Reserve governor, I would have been limited in terms of what I could talk about and tell people the truth, whereas in this environment, I am unlimited in being able to say what I want, when I want, to whoever if I want when it comes to the truth. That is why I made the decision not to do it," Cain said.

Fox News' Judson Berger and the Associated Press contributed to this report.