Herman Cain explained his decision to withdraw from consideration for a seat on the Federal Reserve board in a Western Journal column Monday. Cain, a former GOP presidential candidate, wrote that he had passed “Phase 1” of his background check but would have to endure a screening of everything he had ever written for controversial content. “Would they find anything controversial? I would certainly think so!” Cain wrote. He also lamented the role’s “ethical restrictions” that would force him to give up his “business interests,” paid speech gigs, and media 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 wrote. “With my current media activities, I can reach close to 4 million people a month with the ideas I believe in.”

Cain said he liked “the idea of serving on the Fed” and he felt he could have made a difference advocating for “monetary policies” aimed at growth. “It was an honor to be considered. Under different circumstances, I would like to have served,” he wrote.