Herman Cain is expected to withdraw his name from consideration for the Federal Reserve's Board of Governors, amid growing pressure from Republican senators on the White House to remove him from consideration, according to multiple sources familiar with the matter.
President Donald Trump announced last week his intention to nominate Cain, a political ally and former 2012 Republican presidential front runner. Trump has also nominated conservative economist Stephen Moore to the Federal Reserve's board of governors.
Senators Mitt Romney, R-Utah, Lisa Murkowski, R-Alaska, Cory Gardner, R-Colo., and Sen. Kevin Cramer, R-N.D., have come out in opposition to Cain's appointment, likely sinking his chances of confirmation by the Senate, since it's unlikely that he will get the support of Senate democrats.
(MORE: President Trump recommends former GOP presidential candidate Herman Cain for open Fed seat)Since Cain has yet to be formally nominated, he is expected to announce his decision to withdraw his name from consideration in the coming days, according to an administration official and a source familiar with the matter.
ABC News has reached out to Cain for response.
Some Senate Republicans have voiced concerns over Cain's support for slashing interest rates, echoing a call by Trump. There is also concern that Cain's background check will resurrect past sexual harassment and misconduct allegations that surfaced during the 2012 presidential campaign. Cain denied the claims.
The former CEO of Godfather's Pizza, who turned the company into a top pizza franchise, is an ardent supporter of the president, launching a pro-Trump super PAC, America Fighting Back PAC in 2018. The PAC's website says it was founded by "a group of President Trump’s most committed supporters to fight this vile and uncalled for propaganda."
White House economic council director Larry Kudlow said on Thursday that the president was sticking by his decision to nominate Cain "at the moment."
When asked by reporters on Wednesday if Cain's nomination is safe, Trump suggested Cain will decide if he steps aside.
(MORE: Could a slowing economy be a drag on President Trump's re-election prospects?)"Well, I like Herman Cain. And Herman will make that determination," Trump said.