Judy Shelton’s nomination to the Federal Reserve Board of Governors was blocked in the Senate Tuesday. Shelton was nominated by President Donald Trump and has gotten attention for her controversial economic views.
Marketplace’s Jasmine Garsd spoke about this with “Marketplace Morning Report” host David Brancaccio, and the following is an edited transcript of their conversation.
David Brancaccio: Jasmine, first of all, why has Shelton been characterized as controversial?
Jasmine Garsd: Shelton called for a return to the gold standard, which the U.S. abandoned in 1971. Also, she has been seen as a President Trump loyalist outspoken against the Fed. There was concern that she would bring politics into Fed decisions. So a few Republicans, like Sen. Mitt Romney, R-Utah, voted against her.
Brancaccio: What happened yesterday?
Garsd: In addition to a handful of Republicans not voting for her, two Republicans, Sen. Rick Scott from Florida and Iowa Sen. Chuck Grassley, are in quarantine, so they couldn’t even attend the vote.
Brancaccio: What happens next?
Garsd: Well, the Thanksgiving recess is coming up. It’s not clear if the senators who were quarantining will be able to come back before that for another vote. Other Republicans seem to feel lukewarm about Shelton. And Democrats like Senate Minority Leader Chuck Schumer say she’s a threat to our economic recovery. So it seems her chances are narrowing.
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