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Judy Shelton had advocated a return to the ‘gold standard’ and criticized the Fed’s independence in monetary policy.
The United States Senate blocked President Donald Trump’s controversial nomination of Judy Shelton to the board of the United States Federal Reserve, making her the latest in a string of failed central bank nominees.
Trump’s Republican Party has a 53-47 majority in the current Senate, but several Republicans opposed Shelton’s nomination and two were absent due to exposure to COVID-19.
Shelton’s nomination failed 47-50 in a key procedural vote, and three Republicans joined Democrats in voting “no.”
Senate Majority Leader Mitch McConnell indicated he could act to resubmit the nomination to the vote later if Republicans can rally their members.
Democratic leaders had asked Sen. Kamala Harris, who as vice president-elect has been working with President-elect Joe Biden in Wilmington, Delaware, to return to Washington to vote on Shelton. As vice president effective January 20, Harris would be the runoff in any 50-50 Senate vote.
Vice President Elect Senator Kamala Harris returned to Washington from Wilmington, Delaware to vote against the controversial election of President Donald Trump to the Federal Reserve Board of Governors, Judy Shelton [J. Scott Applewhite/AP Photo]
Shelton is a former adviser to Trump’s 2016 presidential campaign who has argued that the nation would be better off returning to the gold standard and criticized the Fed’s power over money and financial markets as “pretty unhealthy.
His views on interest rates have moved in tandem with Trump’s.
She lashed out at easy money before Trump’s presidency but supported him after he took office, and has expressed skepticism about the need for the Fed to set policy independently of the president and Congress.
During his confirmation process in the Senate, he called the Fed bond purchase and zero rates in the latest crisis “extreme.”
Three Republican senators have said they oppose Shelton’s confirmation. They are Senators Lamar Alexander, Mitt Romney and Susan Collins.
Republican Senators Rick Scott and Chuck Grassley did not attend the vote because they are in quarantine after possible exposure to the coronavirus that causes COVID-19.
Senator’s statement @ChuckGrassley: pic.twitter.com/olXWa0HiST
– Senator Grassley Press (@GrassleyPress) November 17, 2020
Today was the first time in 27 years that Grassley, 87, missed a vote, a Senate record.
The White House said Tuesday that it hopes the Senate will eventually confirm Shelton.
“President @ realDonaldTrump’s candidate for the Federal Reserve is incredibly qualified. @WhiteHouse fully supports her and we are confident that Judy Shelton will be confirmed after reconsideration, ”wrote White House spokesman Judd Deere in a tweet.
Senate majority whip John Thune said he still hopes Republicans will eventually get the vote “even though there is a slightly complicated factor in the Arizona seat.”
Newly elected Democratic Senator Mark Kelly is eligible to take the oath as soon as Arizona certifies his election results, which are scheduled for November 30. She will replace Republican Martha McSally in early December, reducing the Republican majority in the lame duck session. at 52-48.
Other Trump Fed nominees who were not confirmed included former Republican presidential candidate Herman Cain, who died during the COVID-19 campaign after attending a Trump rally.
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