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United States Congress
On Tuesday, the United States Senate did not approve the inauguration of Judy Shelton, President Donald Trump’s candidate for Federal Reserve membership.
Although Trump’s Republican Party has a majority in the current Senate, many of its Republican members missed the voting session, including two who were in quarantine due to their contact with the emerging coronavirus.
Other Republicans joined Democrats in voting “no.”
The result of the vote was 47 to 50, and Senate Majority Leader Mitch McConnell voted “No” to keep the option to reconsider later.
The White House responded to the result of the vote saying the Senate was expected to eventually endorse Chilton’s appointment.
“The president’s candidate for the Federal Reserve is incredibly qualified, and we remain confident in the inauguration of Judy Shelton after the reconsideration,” wrote White House spokesman Judd Derry in a tweet.
Shelton, an adviser to Trump’s 2016 presidential campaign, has repeatedly criticized the functioning of the US financial sector.
In 2017, he opposed the Federal Reserve’s authority over the money and financial markets as “completely unhealthy.”
During confirmation in the Senate, Shelton called the Fed’s bond purchases and zero interest rates in the recent crisis “extreme.”
His views on interest rates are in line with Trump’s, supporting him after taking office in 2016 and expressing doubts about the need for the Fed to set policies independently of the president and Congress.
Among the other unconfirmed candidates for Trump’s federal board of directors is former Republican presidential candidate Herman Kay, who later died of infection with the emerging coronavirus.
