Finance News

Judy Shelton seems to be on her approach to confirming a seat within the Federal Reserve

Judy Shelton now appears to have enough Republican support for her controversial nomination to the Federal Reserve Board of Governors to get through.

Senate Majority Leader Mitch McConnell said Thursday he would bring Shelton's name to the Senate after Senator Lisa Murkowski (R-Alaska) told reporters she would now support President Donald Trump's economic advisor, CNBC's Ylan Mui reported .

"I had the opportunity to speak to Judy Shelton and I will support her," Murkowski told reporters on Thursday afternoon. This is evident from reports in various news agencies.

Shelton's nomination had stalled in the Senate despite the Finance Committee acquitting her in July by a narrow party line of 13 to 12 votes. Several key Republicans had wavered in their support, and it seemed for some time that the nomination would not be clear before the current Congressional session ended.

At the controversial hearing in July, Senators pestered Shelton about her views on Fed independence, her support for the gold standard, and her question of whether bank deposits should be insured.

Democratic senators accused Shelton of stepping back from previous statements she made on these issues.

McConnell's move was furiously reprimanded by Senator Ron Wyden (D-Oregon), a senior finance committee member. He called it "an effort to sabotage the poor economic recovery we have by installing an unqualified political election".

"Your ideas are so crazy and out of date that it would be like a medieval barber taking responsibility for the Centers for Disease Control," said Wyden in a statement. "Shelton's views are so extreme that Senate Republicans decided to have long refused to acknowledge it. "

Her co-candidate, Christopher Waller, Executive Vice President of the St. Louis Fed, had a much easier time and received the committee's approval 18-7.

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