Federal Reserve Chairman Jerome Powell says the central bank has the ability to be “patient” in determining when to hike interest rates. (Jan. 10) AP

WASHINGTON – Former Republican presidential candidate has no plans to withdraw his name from consideration for a seat on the Federal Reserve board, even though he apparently doesn’t have the votes to win confirmation by the Senate, according to a published report.

Cain, the former CEO of told the on Wednesday that he was “very committed” to going through the vetting process as the White House decides whether to formally nominate him for the position.

“The president asked me one simple question…He said, ’Would you consider doing this if you