Senate banking panel to move forward with nominating Judy Shelton to the Fed’s board
Roberto Perli, a former Fed official and founding partner and head of global policy at Cornerstone Macro, said the nomination of Shelton was politically motivated. If confirmed as a Fed governor, Shelton wouldn’t have much power to sway the thinking of the entire board.
But there is speculation that if Trump is reelected in November, he could tap Shelton to replace the current chair, Jerome H. Powell, who has often been a target of Trump’s attacks.The Fed has tried to avoid politics and focus on steering the country out of the current crisis.
Now, Shelton’s nomination could put a spotlight on the political turmoil surrounding economic policy. Shelton has spoken out against the Fed in the past and argued that the country should return to something similar to the long-abandoned gold standard. She has also called for closer ties between the central bank and the White House.
The Banking Committee also will vote on the nomination of Christopher J. Waller, a St. Louis Fed economist, whose nomination by President Trump has been far less controversial.The Fed board has been operating with two empty seats since Trump’s other picks failed to gain support.
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