Free Republic

President Biden on Thursday formally withdrew Judy Shelton's nomination to the Federal Reserve Board, closing the book on her quest to join the central bank. Shelton's nomination was withdrawn with more than two dozen other officials nominated by former President Trump in January shortly before he left office. The Democratic takeover of the Senate in January effectively ended Shelton's chances of confirmation, and Biden's withdrawal of her nomination does little more than clear the way for his eventual pick to fill the final vacant spot on the Fed board. Biden has not yet indicated who he would nominate in Shelton's...

The Senate failed to advance the nomination of Judy Shelton to the Federal Reserve Board — further complicating what was an already rocky confirmation process. Shelton, a longtime Fed critic who favors a return to the gold standard, was blocked in a 50-47 vote that was shaken up by some GOP senators being absent and Vice President-elect Kamala Harris making a return to the Senate floor. Senate Majority Leader Mitch McConnell (R-Ky.) needed just 50 Republicans to vote in favor of Shelton to move her nomination forward. The upper house of Congress currently has a 53-47 GOP majority, meaning that...

In tapping Judy Shelton to become one of two Federal Reserve Board governors, President Donald Trump selected one of the minority of mainstream economists supportive of a return to the gold standard and critical of central bank activity. Shelton, who serves as the U.S. executive director at the European Bank for Reconstruction and Development, wrote as recently as last year in support of pegging the dollar to gold prices. Trump announced his intention to nominate both Shelton and St. Louis Fed economist Christopher Waller via tweet on Tuesday. Shelton’s unorthodox monetary beliefs will likely draw questions from Senate lawmakers, who...