US Senate blocks Trump's controversial Fed candidate

US Senate blocks Trump's controversial Fed candidate”

The United States Senate blocked President Donald Trump's controversial nomination of Judy Shelton to the board of the US Federal Reserve, making her the latest in a string of failed nominees to the central bank.

After the vote, Thune said "in all likelihood" Senate Republicans will try to vote on Shelton's nomination again this week.

Quarantines for COVID-19 typically last 14 days, meaning Grassley and Scott could be back at the Senate by then, health permitting.

Three Republicans-Sens. Mitt Romney of Utah, Susan Collins of ME and Lamar Alexander of Tennessee-said they wouldn't support Ms. Shelton, citing both her unorthodox policy views and apparent inconsistencies in those views as Mr. Trump weighed selecting her for the seven-member Fed board previous year. "This is not the right signal to send, particularly in the midst of the pandemic".

U.S. Republican Senator Chuck Grassley, the chamber's president pro tempore, said he was in quarantine after being exposed to the coronavirus and awaiting test results. "The @WhiteHouse fully supports her, and we remain confident that Judy Shelton will be confirmed upon reconsideration", White House spokesperson Judd Deere wrote in a tweet.

Senator Marco Rubio, a Florida Republican who supported Shelton's nomination, said the Fed "plays too much of a role shaping our economy" and that he and Shelton share the belief that "relying on the Federal Reserve to boost asset prices is no substitute for a strong American economy". "And I believe the Board of Governors would benefit from having somebody who is aware of these issues and vocalizes them in their deliberations".

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Shelton, an adviser to Trump's 2016 presidential campaign, 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". The president failed to win backing for four earlier picks, including two who were never formally nominated, to fill the two vacancies on the Fed's board.

Shelton's views on interest rates have moved in lockstep with President Trump's. "It's a little bit fluid, I'd say at the moment". Maine Republican Susan Collins also opposes the nomination, but centrist Alaska Republican Lisa Murkowski said last week she would be voting in favor of Shelton's nomination. Martha McSally, R. -Ariz., as soon as November 30 and the Senate is not scheduled to meet next week due to the Thanksgiving holiday. All Democrats are expected to oppose her confirmation, an unusual partisan split over a Fed nomination, and voted against the procedural move on Tuesday.

The biggest question mark on attendance was on Senator Kamala Harris of California, the vice president-elect who is scheduled to be in Wilmington, Del., with President-elect Joe Biden on Tuesday to attend national security briefings and missed morning Senate votes in Washington.

"Sen. Harris knows this is an important vote, and she's here for it", Sen.

Democrats voting against Shelton expressed concern over her lack of knowledge about the banking system.

In another twist, Alexander said on Monday that he would be unable to vote at all on Shelton's nomination because he had been called away on what his spokesman described as "family matters".

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