Senate blocks confirmation of Trump Fed nominee Shelton By Reuters

© Reuters. FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington

(Reuters) – The U.S. Senate on Tuesday blocked President Donald Trump’s nomination of Judy Shelton to the board of the Federal Reserve, making her the latest in a string of failed nominees to the central bank.

Trump’s Republican Party has a 53-47 majority in the current Senate, but several were absent, including two who were quarantining due to exposure to COVID-19, and others joined Democrats in voting ‘no’ in the so-called cloture vote.

The vote was 47 to 50 with Senate Majority Leader Mitch McConnell voting ‘no’ to preserve the option to reconsider later.

Shelton, an adviser to Trump’s 2016 presidential campaign who has argued the nation would be better off returning to the gold standard, as recently as 2017 criticized the Fed’s power over money and financial markets as “quite unhealthy.” During her Senate confirmation process, she called the Fed’s bond-buying and zero rates in the last crisis “extreme.”

Her views on interest rates have moved in lockstep with Trump’s. She lambasted easy money before Trump’s presidency, but supported it after he took office, and has expressed skepticism over the Fed’s need to set policy independently from the president and Congress.

Other Trump Fed nominees that failed to be confirmed included former Republican presidential candidate Herman Cain, who later died of COVID-19.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function()
{n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘751110881643258’);
fbq(‘track’, ‘PageView’);

by : Reuters

Source link

Capital Media

Read Previous

Gold Gives Away Little in Round 2 of Vaccine Games By Investing.com

Read Next

Liquid Telecom signe avec Zayo Group pour étendre ses activités en Amérique du Nord et en Europe