(Reuters) – Herman Cain, facing resistance from his own political party as U.S. President Donald Trump’s pick to fill a seat on the Federal Reserve Board, withdrew Monday from consideration for the post, citing what he said would be a decrease in influence and pay.

FILE PHOTO: Former Republican presidential hopeful Herman Cain gives the Tea Party Express response to U.S. President Barack Obama’s State of the Union Address, at the National Press Club in Washington January 24, 2012. REUTERS/Jonathan Ernst/File Photo

Four Republican U.S. senators have expressed reservations about seating Cain at the Fed, likely enough to deny him the support he needed to secure Senate confirmation for the post.

Economists and critics have also expressed concerns about loyalists of Trump serving on the traditionally