Some GOP senators expressed worry over Judy Shelton's nomination for an open seat at the Federal Reserve, which could jeopardize the Trump nominee's chances at confirmation.
Key Republican senators expressed reservations over Judy Shelton’s nomination for an open seat at the Federal Reserve, despite efforts from President Donald Trump’s nominee to backtrack on some of her previous writings.
“I’m concerned about the extent to which you advocate for our monetary policy to be influenced and reactive to the foreign exchange behavior of other countries,” said Toomey. After the exchange, Toomey reportedly said he was unsure if he would ultimately support her nomination. In August last year, she told CNBC that she would like to see the United States counter lower interest rates around the world with a weaker U.S. dollar. At the time, Trump was bashing the Fed for not lowering rates to take steam out of the strengthening dollar, arguing that a weaker dollar would help boost U.S. exports.
The Senate Banking Committee is comprised of 13 Republicans and 12 Democrats. Because nominees need a majority of the committee’s approval to advance to a full Senate vote, Shelton cannot afford to lose the support of more than one GOP senator in the committee. Her views on gold remained steady. As recently as April last year, Shelton continued to advocate for either a full return to a gold standard or a Bretton Woods-like international pact with foreign central banks to peg their currencies to gold.
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