Regulation and Compliance

Report: GOP Support of Trump Fed Choice Weakens

Feb 14, 2020
Photo credit: Getty Images/Nuthawut Somsuk

A new report from The Hill citing unnamed “Senate Republican sources” are predicting that President Trump will withdraw his nomination of Judy Shelton to serve on the Federal Reserve Board.
 
Shelton’s confirmation hearing yesterday before the Senate Banking Committee brought tough questioning from both Republicans and Democrats, with questions raised on her past support of the gold standard and her previous arguments against keeping interest rates artificially low–she now claimed to hold opposite views that mirror President Trump’s policy focus. Republicans hold a two-seat majority on the committee, but Sens. Richard Shelby (R-AL) and Pat Toomey (R-PA) expressed open skepticism of Shelton during her appearance before the panel.
 
The Hill quoted an unidentified Republican senator who insisted, “She’s being pulled.” Other unnamed sources supposedly said it would be “desirable” for Trump to withdraw her from consideration, adding that her nomination is “trending” in that direction. Still more unnamed “Senate aide” said Shelton will withdraw her own nomination.
 
The White House press office, however, did not confirm Shelton’s nomination was being reconsidered, adding in a statement that it expected Shelton “to be confirmed by the Senate to the Federal Reserve.”
 
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Phil Hall
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Feb 14, 2020
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