White House expects confirmation of Fed pick Shelton despite third Republican 'no'

White House expects confirmation of Fed pick Shelton despite third Republican 'no'

"I oppose the nomination of Judy Shelton because I am not convinced that she supports the independence of the Federal Reserve Board as much as I believe the Board of Governors should", Alexander said in a statement to The Washington Post. Senate Majority Leader Mitch McConnell, R-Ky, who had initially voted for the nominee, switched to vote against her, giving him the procedural right to bring her up for another vote in the near future.

It is possible that there could be a re-vote, though it's unclear whether her candidacy has the necessary support to advance. She has also been condemned for changing her views to line up with Trump's and for regularly scheduling press interviews at the Trump Hotel.

Hours before the Senate was set to vote on Shelton's confirmation, Senator Chuck Grassley, an Iowa Republican, said he was exposed to the coronavirus and he would immediately quarantine while waiting for test results.

On Tuesday morning, Sen. With Sen. Rick Scott, R-Fla., also in quarantine, Democrats who opposed her nomination had a chance to hold back confirmation with some Republican support.

Another Republican opponent, Sen.

In a sign of how narrow the margin was, Sen. The vote could indicate that Republicans have failed to secure enough support to confirm the controversial nominee.

"Shelton has shown herself to be an economic weathervane, pointing whichever direction she believes the partisan winds are blowing", said Senate Minority Leader Chuck Schumer, D-N.Y.

Senators voted 50-47 against advancing the process by limiting debate. With her addition, five of the six filled seats would contain Trump's appointees.

US President Donald Trump's Federal Reserve pick has been blocked.

Senator-elect Mark Kelly, D-Ariz., is likely to join the Senate when the chamber returns from its Thanksgiving break.

With a single vote on the seven-member board, Ms. Shelton's impact on the Fed's decision-making would be limited, especially without Mr. Trump in the White House. The hope is for a re-do when Grassley and Scott return to the Senate floor.

Shelton has argued the nation would be better off returning to the gold standard, and as recently as 2017 criticized the Fed's power over money and financial markets as "quite unhealthy". Shelton, who advised the Trump 2016 campaign, has written articles praising Trump and has at times appeared to question the value of central bank independence.

Her nomination might have been helped along by President-elect Joe Biden's election victory.

The Fed board of governors has played an important role in combating the economic fallout from the coronavirus pandemic.

"There's the feeling we need someone from outside the monetary policy establishment on that board", a person familiar with thinking inside the White House said.

As a governor, Shelton's formal influence would be limited. When Ronald Reagan was president and quarreled in private with Paul Volcker, the Fed chair at the time, he appointed governors who voted against Volcker. Former Fed officials and Nobel laureates have warned against confirming her.

"I think her views are too extreme", said Richard Fisher, former president of the Dallas Federal Reserve, said Tuesday on CNBC after the Senate vote.

A third Republican who was absent publicly opposed Shelton's nomination.

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