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Senate Panel OKs Trump's Controversial Federal Reserve Nominee

Associated Press

   WASHINGTON - The Senate Banking Committee on Tuesday approved President
   Donald Trump's choice of Judy Shelton for the Federal Reserve board of
   governors on a party-line vote, overcoming widespread questions about
   her qualifications for the Fed.

   Committee Chairman SenatorMike Crapo, Republican of Idaho, said that
   Shelton had reassured him and other GOP senators that she recognizes
   the Federal Reserve's independence from the rest of the government and
   also supports insuring bank deposits -- widely accepted policies that
   she had previously questioned.

   Crapo also noted Shelton's comments during a February hearing that she
   does not support returning to the gold standard, in which the value of
   the dollar is tied to gold, even though she had advocated doing so in
   the past. Instead, Crapo said, Shelton regards the gold standard as a
   topic worthy of study.

   "Many have tried to characterize her views on the gold standard ... as
   outside the mainstream and disqualifying for this position," Crapo
   said. "I strongly disagree with that characterization."

   The committee also voted to back the nomination of Christopher Waller,
   the research director at the St. Louis Federal Reserve Bank, to fill a
   final open seat on the Fed's board of governors. Waller was approved 18
   to 7, with all dissenting votes from Democrats.

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