Senate blocks Trump Fed nominee Judy Shelton

David Brancaccio, Jasmine Garsd, and Alex Schroeder Nov 18, 2020
Heard on:
HTML EMBED:
COPY
Judy Shelton, nominee for the Federal Reserve's Board of Governors. Sarah Silbiger/Getty Images

Senate blocks Trump Fed nominee Judy Shelton

David Brancaccio, Jasmine Garsd, and Alex Schroeder Nov 18, 2020
Heard on:
Judy Shelton, nominee for the Federal Reserve's Board of Governors. Sarah Silbiger/Getty Images
HTML EMBED:
COPY

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.

Marketplace is on a mission.

We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.

Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?

Your donation is critical to the future of public service journalism. Support our work today – for as little as $5 – and help us keep making people smarter.