(Bloomberg) -- Senate Majority Leader Mitch McConnell hasn’t committed to a timetable for a vote on President Donald Trump’s controversial nomination of Judy Shelton to the Federal Reserve Board of Governors. For more articles like this, please visit us at bloomberg.com, Like us on Facebook to see similar stories, Trump administration asks court for extension to respond to refiners' biofuel petition, British grocer Sainsbury's is cutting 3,500 jobs and closing more than 80% of Argos stores. On Tuesday, the Senate Banking Committee also will vote on the nomination of Christopher J. Waller, a St. Louis Fed economist.
Shelton was on Bob Dole's 1996 presidential campaign and in 2016 was initially on Ben Carson's presidential campaign but joined the Trump campaign in August 2016 after writing a flattering Wall Street Journal opinion piece about Trump.
Whether you agree with her or not, the important thing is to have a variety of opinions. “Based on her answers at the hearing, we are deeply concerned that the situation we are in today would have been worse if Dr. Shelton were already sitting on the Board of Governors.”. During her confirmation hearing, Democrats characterized her defense of gold’s monetary role as disqualifying and her conciliatory tone as disingenuous.
Shelton was an adviser to Trump’s 2016 presidential bid and has said the Fed’s power over the economy needs to be reined in. Is today’s peculiar combination of the dollar’s dominance, the levitating stock market, low inflation, and a record fiscal deficit dependent on mechanisms that the American public doesn’t fully understand and might not support if they did? David Wilcox, former director of the Fed’s Division of Research and Statistics, said he worried that Shelton’s skepticism of the importance of the Fed as an independent body would cause her to view a board seat as “an integrated part of the president’s economic apparatus.”. Election Win for Biden or Trump Hinges on Seven Critical Sta... Biden Gaining in Philadelphia ‘Collar Counties’: Election Up... Ivory Coast Faces Growing Calls for Talks on Election, Arizona Results Draw Different Conclusions by News Outlets.
Shelton’s nomination would add another layer of politics to the Fed’s efforts to steer the economy toward recovery. You can change your choices at any time by visiting Your Privacy Controls.
Action by the panel would send the nomination to the floor for a confirmation vote by the GOP-controlled Senate. But a significant chunk of time over the next two weeks will be devoted to negotiating a compromise coronavirus relief package. Alexander “has been spending almost all of his time working on the ‘Safely Back to School and Back to Work Act’ dealing with COVID-19,” William Heartsill, a spokesman for the senator, said Tuesday. Shelton also has advocated for closer connections between the central bank and the White House, despite the fact that the Fed stakes much of its reputation on being politically independent. After Shelton's confirmation hearing in February, Sen. Pat Toomey, a Pennsylvania Republican, said he was not confident Shelton could uphold the bank's independence. The head of an international organization that oversees elections said his team has not seen any evidence of voter fraud in the United States election like President Trump has claimed. If approved by the Senate, Shelton would fill a slot on the Fed’s seven-seat board. Fox News host Tucker Carlson speculated that voters may not be able to accept the results of future presidential elections.
With her presence, the Fed would still be free to suppress markets and target a higher rate of inflation, but the tradeoffs inherent in these efforts would at least be communicated by one of the Fed’s board members. To be clear, Fed skeptics, myself included, are not going to agree with the Fed’s policies even if Shelton is confirmed, but we would be less concerned about the Fed’s opacity if there were a credible outsider like Shelton in the boardroom.
If Shelton replaces Powell, her critics say, she could harness much more power over the country’s economy. Judy Lynn Shelton (born 1953 or 1954) is an American economic advisor to President Donald Trump. She is known for her advocacy for a return to the gold standard and for her criticisms of the Federal Reserve. After all, one vote is not going to change Fed policy. Republicans in the U.S. Senate have postponed plans to advance Federal Reserve nominee Judy Shelton, ... Shelton’s prospects for confirmation appeared to ... would hold a vote at a later date. 2 GOP leader.Shelton -- who’s drawn significant criticism for Just before Tuesday’s vote, committee Chairman Mike Crapo of Idaho said Shelton had provided clear answers related to her opinions on the independence of the Fed, the right response to economic crises, and the gold standard. Before it's here, it's on the Bloomberg Terminal. One key senator, Lamar Alexander of Tennessee, a retiring Republican who has sometimes bucked Trump, said he wants to wait until Congress acts on a virus relief package before weighing whether to back Shelton. Two more GOP defections would likely doom her nomination, given expected party-line opposition from Democrats. In spring 2019, he floated the nominations of Herman Cain and Steve Moore. Alaska Republican Senator Lisa Murkowski is also still vetting Shelton’s nomination, Karina Borger, a spokeswoman for the senator, said in an email. Republican Sen. Richard Shelby of Alabama said Shelton "could be an outlier" for the role. Welcome to the Washington Examiner's live coverage of day three of election 2020, where we will be tracking the latest from the presidential race, as well as Senate and congressional contests around the country. The Democrats are completely united in their opposition to sound money. I have some misgivings about her, I raised them in the Banking Committee. Senate Majority Leader Mitch McConnell hasn’t committed to a timetable for a vote on President Donald Trump’s controversial nomination of Judy Shelton to …
She has a master's and a doctorate in business administration from the University of Utah and was a fellow for many years at Stanford's Hoover Institution.
Congress’s hesitance to ruffle feathers at the Fed is not because the Fed is unimportant, but because the Fed has become too powerful. Alaska Republican Senator Lisa Murkowski is also still vetting Shelton’s nomination, Karina Borger, a spokeswoman for the senator, said in an email. Shelton said in 2011 that the Fed is "almost a rogue agency" and asked whether it could be trusted in having oversight of the dollar.
The most important news stories of the day, curated by Post editors and delivered every morning. While Moore faced no public opposition from Republican senators, after the press intervened to keep his divorce records unsealed, his withdrawal from consideration was a foregone conclusion. Moreover, in 2018, the full Senate confirmed her to serve on the board of the European Bank for Reconstruction and Development without objection.
Perhaps as early as Wednesday night. U.K. Extends Wage Support; Greece Imposes Lockdown: Virus Up... Sweden’s PM Self-Isolates After Potential Exposure to Covid-... GOP’s Alexander wants to wait until virus relief bill finished, Two Republican Senators announced opposition to Trump nominee.
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