Federeal Reserve Bank

Judy Shelton: Trump's controversial pick

Shelton’s nomination to the Federal Reserve, which sets monetary policy for the nation, has faced Republican opposition since Trump announced the pick in January

.biz
BIZ PRESS GROUP

Senate Republican leaders don’t yet have 51 votes to confirm President Trump’s controversial pick to the Federal Reserve, Judy Shelton, whose nomination is facing strong opposition from prominent economists.

Senate Republican Whip John Thune (S.D.) said Tuesday that the leadership is still “working” on mustering majority support for Shelton, who has come under criticism for her past support for returning to the gold standard.

Thune raised the possibility that Shelton may not come to the floor before Election Day, which means her nomination would be in jeopardy if Trump doesn’t win reelection.

Asked if Shelton would receive a vote before the Senate recesses for the election, Thune said: “We’ll see — as soon as she has 51 votes.”

“We’re still working it,” he said. “She’s a priority for the White House. It’s a Federal Reserve [position,] it’s important. So obviously we want to get it done but we’re not going to bring it up until we have the votes to confirm [her.]”

Shelton’s nomination to the Federal Reserve, which sets monetary policy for the nation, has faced Republican opposition since Trump announced the pick in January.

Sen. Mitt Romney (R-Utah) announced in July he would oppose Shelton’s nomination.

“I will be voting against her,” he said July 23.

Sen. Susan Collins (R-Maine), who faces a tough reelection race this fall, announced in July that she too would oppose Shelton.

“I have serious concerns about this nomination,” she said in a statement July 27.

Collins criticized Shelton for calling for the Federal Reserve to be less independent of the White House and Congress.

Senate Republicans control 53 Senate seats and cannot afford any more than three defections. Vice President Pence could break a 50-50 tie to confirm Shelton.

A group of more than 100 prominent economists signed a letter last month urging senators to vote against Shelton, citing what they called her “extreme and ill-considered” views on monetary and economic policy. The list included seven Nobel laureates.

Republicans on the Senate Banking Committee including Sens. Pat Toomey (Pa.) and Richard Shelby (Ala.) raised concerns earlier this year about Shelton’s past support for devaluing the dollar to encourage exports or returning to the gold standard.

Toomey warned in February that devaluing currencies to increase exports is “a very, very dangerous path to go down,” but later announced he would support Shelton after she provided him assurances in writing.

Shelton promised she would oppose using monetary policy to weaken the dollar and that doing so is not in the Fed’s direct purview.

Fed warnings on economy fail to resonate with Congress
House GOP slated to unveil agenda ahead of election
Sen. John Kennedy (R-La.), another member of the Banking panel, held up Shelton’s nomination for weeks to study her record.

Despite their concerns, all 13 Republicans on the Banking Committee voted to advance Shelton’s nomination in a party-line vote in late July.

Senate aides familiar with the nomination say that National Economic Council Director Larry Kudlow has championed Shelton’s nomination but that it doesn’t have much support from within the Federal Reserve.

Read more

Steve Bannon urged Facebook followers to 'Take Action' on eve of capitol riot

At 2:25 p.m. on Jan. 5, almost exactly 24 hours before the Capitol riots began, Steve Bannon posted a Facebook update: “TAKE ACTION. THEY ARE TRYING TO STEAL THE ELECTION,” the former senior White House adviser urged his followers in a Facebook group he ran called “Own Your Vote.”

Attorney for ‘QAnon shaman’ asks Trump to pardon rioters

The lawyer for the “QAnon shaman” who was part of the deadly siege of the Capitol last week publicly petitioned President Donald Trump on Thursday to pardon his client.

Capitol rioters planned to capture and kill politicians, say prosecutors

Federal prosecutors have offered an ominous new assessment of last week’s siege of the US Capitol by Donald Trump’s supporters, saying in a court filing that rioters intended “to capture and assassinate elected officials”. Prosecutors offered that view in a filing asking a judge to detain Jacob Chansley, the Arizona man and QAnon conspiracy theorist who was photographed wearing horns as he stood at the desk of the vice-president, Mike Pence, in the chamber of the US Senate.

After the 'witch-hunt': Walls close in on Trump in final days

President Trump is growing increasingly isolated after the House on Wednesday made him the only president in U.S. history to be impeached twice, putting a final, lasting stain on his legacy just a week before he leaves office. Cabinet members and White House officials have rushed for the exits following Trump’s remarks to a violent mob of supporters that ultimately stormed the U.S. Capitol last week in a bloody and dark episode of American history. Even Trump’s most loyal allies have been put off by the developments, and aides are absent from the airwaves and the public.