Fed nominee Shelton faces skepticism at Senate hearing
WASHINGTON — One of President Donald Trump’s nominees for the Federal Reserve came under sharp questioning Thursday from senators over her economic views, including from two Republicans, one of them from Pennsylvania.
The nominee, Judy Shelton, sought to make her unconventional views an asset by promising to bring “intellectual diversity” to the Fed. Shelton has previously expressed support for a wide range of out-of-the-mainstream perspectives, including tying the dollar’s value to gold. She has also raised concerns among economists and Fed watchers by questioning the need for the central bank’s independence.
After the hearing, Sens. Pat Toomey of Pennsylvania and Richard Shelby of Alabama reiterated their misgivings. A third, Sen. John Kennedy of Louisiana, said he was undecided. With three Republicans leaning against her or undecided, Shelton’s nomination is at risk of remaining stuck in the Banking Committee. She would need all the Republican votes on the committee to recommend her nomination to the full Senate.
