Target Will Close Thanksgiving Day: Live Updates
Judy Shelton, President Trump’s unconventional nominee to the Federal Reserve Board, has lost the support of a second Republican senator, potentially imperiling her confirmation to the central bank.
Susan Collins, Republican of Maine, said in a statement that she would not vote for Ms. Shelton’s confirmation, joining Mitt Romney, Republican of Utah, who said last week that he would not support Mr. Trump’s choice.
“Ms. Shelton has openly called for the Federal Reserve to be less independent of the political branches, and has even questioned the need for a central bank,” Ms. Collins said in her statement. “This is not the right signal to send, particularly in the midst of the pandemic.”
Ms. Shelton needs only a simple majority vote to clear the Senate. Assuming no Democrats support her candidacy, she would need to avoid losing another two Republicans to get the votes she needs for confirmation.
Ms. Shelton’s chances remain unclear. Lisa Murkowski, an Alaskan Republican who was thought to be a possible “no” vote on the nomination, told reporters last week that she was leaning yes.
Her candidacy has raised questions in part because of her close ties to the White House. Ms. Shelton advised Mr. Trump’s campaign and critics, including Democratic senators, have suggested she would lack the independence needed for the Fed board. Her views have also raised eyebrows: Ms. Shelton has a long history of pushing for a gold standard, or a similar system in which currency is backed by a common store of value.
She is nominated alongside Christopher Waller, the research director at the Federal Reserve Bank of St. Louis and a much more conventional pick. It is unclear when the Senate will vote on the nominations.
If both are confirmed, Mr. Trump will have nominated six of the board’s seven members, who hold a constant vote on monetary policy and regulatory oversight of the largest banks.
Article source: https://www.nytimes.com/live/2020/07/27/business/stock-market-today-coronavirus