Senate blocks Judy Shelton nomination to the Fed

[BumRushDaShow]

Source: Washington Post

Judy Shelton’s nomination to the Federal Reserve Board of Governors failed to advance in the Senate on Tuesday, jeopardizing her prospects of being confirmed due to a combination of Republican absences and opposition to her installation to the central bank. On a 47-50 vote, Democrats and two Republican senators filibustered Shelton’s nomination to the Fed. Senate Majority Leader Mitch McConnell (R-Ky.) voted against moving her forward; a procedural move that allows him to bring up Shelton’s nomination at another time.

Hours before the Senate was set to vote on Shelton’s confirmation, Sen. Charles E. Grassley (R-Iowa) said he would immediately quarantine while waiting for test results. The announcement further riled Shelton’s nomination process, which had already narrowed after Sen. Lamar Alexander (R-Tenn.) said Monday he would not support Shelton’s confirmation. Alexander joined Sens. Susan Collins (R-Maine) and Mitt Romney (R-Utah), who said they would vote “no” over the summer and did so on Tuesday.

“In her past statements, Ms. Shelton has called for the Federal Reserve to be less independent of the political branches and has even questioned the need for a central bank,” Collins said in a statement Tuesday. “This is not the right signal to send, particularly in the midst of the pandemic.” Another Republican senator – retiring Sen. Pat Roberts of Kansas – said earlier Tuesday that he was a “little troubled” by Shelton’s nomination, but voted to advance her anyway.

Shelton’s nomination has come under particular scrutiny given her views on the Fed’s independence and her calls for a return to the gold standard, which the nation fully abandoned in 1971. Shelton also advised Trump’s 2016 presidential run and has been outspoken against the Fed as an institution. She has also been criticized for altering some of her views to appear in closer agreement with Trump’s aggressive push for lower interest rates.

Read more: https://www.washingtonpost.com/business/2020/11/17/shelton-fed-mcconnell/

[leftieNanner]

1. FINALLY - We Win One!

I think this may be the first thing Moscow Mitch has tried to shove through that didn't work.

[mahatmakanejeeves]

3. Maybe.

Senate Majority Leader Mitch McConnell (R-Ky.) voted against moving her forward; a procedural move that allows him to bring up Shelton’s nomination at another time.

[BumRushDaShow]

6. The chamber Leaders usually do that at almost every vote that might fail

Pelosi even does it in the House.

[Jim__]

2. Yay!!!

[mahatmakanejeeves]

4. Always on top of things. I just read that.

Good afternoon. I just logged off from work.

[sandensea]

5. A Gold Bug just like Cheeto (and many Republicans)

A return to the Gold Standard (abandoned by FDR in 1933) would strangle fractional banking (the secret to the world's post-1945 economic success), obliterate credit, and induce a massive worldwide depression.

All the more so in a pandemic context!

A Gold Standard would, however, hyper-concentrate wealth into the hands of those hoarding gold - including, not coincidentally, the Sheltons (said to be sitting on millions in ingots).

[frazzled]

7. I hope this bodes well for next year

If we can peel away 3 non-insane Republican votes on at least some issues, at least it might lead to a few things getting done.

I’m counting on this to hopefully get Biden’s cabinet members confirmed, as a start.