Senate readies vote on Judy Shelton, granting Trump another opportunity to shape Federal Reserve

[mahatmakanejeeves]

Source: Washington Post

Senate readies vote on Judy Shelton, granting Trump another opportunity to shape Federal Reserve

Shelton’s confirmation could mark Trump’s final imprint on the Fed board, just months before the Biden administration is inaugurated.

By Rachel Siegel
November 12, 2020 at 2:55 p.m. EST

The Senate will vote to confirm President Trump’s controversial Federal Reserve nominee Judy Shelton to a seat on the central bank’s board of governors, giving the president another chance to shape the long-term direction of one of the government’s most powerful entities.

Senate Majority Leader Mitch McConnell (R-Ky.) took procedural steps on Thursday to set up a vote on Shelton’s long-pending nomination for as soon as next week. Also on Thursday, Sen. Lisa Murkowski (R-Alaska) – a key moderate whose support had not been assured -- said she would support Shelton’s nomination.

Just a few months ago, it was unclear whether Shelton had enough support among the party’s senators to be confirmed.

Shelton’s confirmation could mark Trump’s final imprint on the Fed board before the Biden administration is inaugurated in January. Trump’s previous picks to fill the Fed’s two current vacancies have been faced with criticism from Democrats and Republicans alike, and getting his final nominees confirmed would be a victory before his administration leaves office. Some of Shelton’s critics had previously questioned whether Trump, if reelected, would try to elevate Shelton to Fed Chair. Yet those prospects have all but evaporated with an incoming Biden administration.

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Rachel Siegel
Rachel Siegel is an economics reporter covering the Federal Reserve. She previously covered breaking news for the Post's financial section and local politics for the Post's Metro desk. Before joining the Post in June 2017, Rachel contributed to The Marshall Project and The Dallas Morning News. Follow https://twitter.com/rachsieg

Read more: https://www.washingtonpost.com/business/2020/11/12/fed-shelton-senate/

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Senate readies vote on Judy Shelton, granting Trump another opportunity to shape Federal Reserve

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[SCantiGOP]

1. She has said we should consider returning to the gold standard

Makes sense, if we can revive a 100 year old pandemic, why not 100 year old economic policies?

[BobTheSubgenius]

3. Fantastic for those holding actual gold.

To back America's currency with the physical gold the govt. holds would probably push gold prices to triple what they are now. To back non-physical US money - what exists only on paper, but is absolutely part of the economy, and exists in a virtual but vital way, the per ounce price would be VASTLY higher than that, I would think.

Either that, or a huge devaluation. If the US proposed making changes that were demonstrably positive and do-able, world markets would still be apprehensive, at the very least.

[Lonestarblue]

2. One more right-wing nut.

The number of judges and extremists that Trump and McConnell have been able to put in permanent or long-term positions represents the biggest effort to destroy the federal government and we’ll be living with the negative consequences for decades. We really have to get those Georgia Senate seats!