EDITOR NOTE: Last July, it appeared as if Judy Shelton’s prospects for a seat on the Federal Reserve board were over. Turns out that Mitch MCcConnell just advanced her nomination to the Fed. Accused by senators on both sides of the political fence for trying to advanced “wacky and outdated” ideas--namely, the re-introduction of the Gold Standard, Shelton may have a chance to represent the clear position of sound money in an institution (the Federal Reserve) whose actions have done little but widen the divide in wealth between Americans, destroying the country’s foundational principles of a free market economy. But how effective will her seat at the Fed’s table be without a Trump administration supporting her position?
Judy Shelton appears now to have enough Republican support for her controversial nomination to the Federal Reserve’s board of governors to get through.
Senate Majority Leader Mitch McConnell said Thursday he will advance Shelton’s name to the Senate floor after Sen. Lisa Murkowski (R-Alaska) told reporters she now will support the economic advisor to President Donald Trump, CNBC’s Ylan Mui reported.
“I’ve had an opportunity to talk to Judy Shelton and I’m going to be supporting her,” Murkowski told reporters Thursday afternoon, according to reports in various news outlets.
Shelton’s nomination had been stalled in the Senate even though the finance committee cleared her by a narrow party-line 13-12 vote in July. Several key Republicans had been wavering in their support, and it appeared for some time that the nomination would not clear before the current congressional session ended.
At the contentious July hearing, senators grilled Shelton over her views on Fed independence, her support of the gold standard and her wavering over whether bank deposits should be insured.
Democratic senators accused Shelton of backpedaling from earlier statements she had made on those issues.
McConnell’s move drew an angry rebuke from Sen. Ron Wyden (D-Oregon), ranking member of the finance committee, who called it “an effort to sabotage what little economic recovery we have by installing an unqualified, political pick.”
“Her ideas are so wacky and outdated, giving her authority over the dollar would be like putting a medieval barber in charge of the” Centers for Disease Control, Wyden said in a statement. “Shelton’s views are so extreme, Senate Republicans have long refused to confirm her.”
Her co-nominee, St. Louis Fed executive vice president Christopher Waller, faced a much easier time and gained committee approval by an 18-7 vote. However, it is unclear whether his name will be presented with Shelton at a full Senate vote expected to take place around the middle of next week.
Originally posted on CNBC