WASHINGTON—Congresswoman Carolyn B. Maloney (NY-12), Vice Chair of the U.S. Congress Joint Economic Committee, issued the following statement Monday after Herman Cain withdrew from consideration for the Federal Reserve.

“Herman Cain has done the right thing by withdrawing his name. He was not the right person to sit on the Federal Reserve. I also hope that Stephen Moore’s name will be removed from consideration for the Fed Board. I encourage President Trump to instead nominate someone with deep expertise in monetary policy who recognizes the importance of an independent Fed.”