Herman Cain says he passed on Trump's Federal Reserve offer because the $183,100 salary was too low

Herman CainHerman Cain gestures as he speaks during the Faith and Freedom Coalition Road to Majority 2013 conference, Saturday, June 15, 2013, in Washington. During the three-day conference, religious conservatives have been skeptical of the RNC's plan for growth, which calls for more tolerant attitudes on immigration and social issues, such as abortion and gay marriage.Carolyn Kaster/AP

  • Godfather's Pizza CEO and former Federal Reserve's Board of Governors nominee Herman Cain said he withdrew his name from consideration because of the position's $183,100 annual salary.
  • According to financial disclosures from Cain's failed 2012 US presidential campaign, the pizza chain mogul's net worth was reportedly around $2.8 million to $6.4 million.
  • "I would have to let go of most of my business interests," Cain said in an opinion column on Monday. "I could not serve on any boards. I could not do any paid speeches."
  • Visit BusinessInsider.com for more stories.

Godfather's Pizza CEO and former Federal Reserve's Board of Governors nominee Herman Cain said he withdrew his name from consideration because of the position's $183,100 annual salary.

"I would have to let go of most of my business interests," Cain said in an opinion column on far-right blog site Western Journal. "I could not serve on any boards. I could not do any paid speeches. I could not advocate on behalf of capitalism, host my radio show or make appearances on Fox Business."

"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," he added.

According to financial disclosures from Cain's failed 2012 US presidential campaign, the pizza chain mogul had a net worth of between $2.8 million and $6.4 million, The Wall Street Journal reported on Monday.

President Donald Trump announced earlier in April that he planned to nominate Cain to the board after an interview.

"He's a very terrific man, a terrific person," Trump said of Cain at the time.

Read more: Trump announces Herman Cain will not be nominated for Federal Reserve Board seat after string of controversies

Cain's nomination was met with widespread criticism. The executive was accused of sexual misconduct dating back to the 1990s from multiple women, The Washington Post reported in 2011. The National Restaurant Association's board, of which Cain was a member, paid settlements in response to two of the allegations, according to The New York Times.

Some Republican lawmakers who would have voted for his nomination questioned his fitness for the board.

"The allegations that drove him from the presidential race are just so obviously serious," North Dakota Sen. Kevin Cramer said. "I'm not talking about his position on interest rates or anything like that, but the sexual harassment stuff. Until it's better explained I couldn't vote for him."

Cain did not indicate if he withdrew because of the increased scrutiny surrounding the confirmation process. In an opinion column published in The Journal last week, Cain claimed his "voice is needed at the Fed."

"But I did like the idea of serving on the Fed," Cain said in the Western Journal. "I was convinced I could make a positive difference advocating for better growth and monetary policies."

Trump announced that Cain withdrew from the nomination process on Monday.

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