Washington Examiner – by Nihal Krishan
A controversial Trump Federal Reserve nominee, who has backed a gold standard, is likely to get a vote on the Senate floor next week after Majority Leader Mitch McConnell filed cloture on her nomination Thursday.
President Trump announced his intention to nominate Shelton to the Fed’s Board of Governors on July 3, 2019.
Republican Sen. John Cornyn of Texas said Thursday that Shelton could get a Senate floor vote “as early as next week.”
Shelton has generated opposition for her pointed criticisms of the Fed and her advocacy for a return to the gold standard as a monetary system.
Earlier this year, her nomination faced several challenges after multiple Republicans on the Senate Banking Committee said her views made her unsuitable for a seat on the Fed’s board of governors.
Shelton said in 2011 that the Fed is “almost a rogue agency” and asked whether it could be trusted in having oversight of the dollar. She has also called for a 0% inflation target, as opposed to the bank’s current 2% target, and has raised the “fundamental question” of “Why do we need a central bank?”
She has raised concerns on both sides of the aisle for her view that the Fed should have less power and independent discretion and instead have closer ties to the White House.