You are here: Home » International » News » Others
Business Standard

Donald Trump's Federal Reserve nominees may get Senate vote next week

Republican leaders have previously said they would not advance the nominations unless they were confident that Trump's controversial pick for one of the two open posts

Topics
US Fed | Trump administration

Reuters 

Federal Reserve Board building on Constitution Avenue is pictured in Washington. Photo: Reuters
Federal Reserve Board building on Constitution Avenue is pictured in Washington. Photo: Reuters

The Republican leadership in the US Senate has discussed holding a vote on President Donald Trump's nominees to the Federal Reserve as early as next week, Bloomberg News reported Thursday, quoting Republican Senator John Cornyn.

Cornyn's communications director confirmed the comments to Reuters.

Republican leaders have previously said they would not advance the nominations unless they were confident that Trump's controversial pick for one of the two open posts, former economic adviser Judy Shelton, has the support needed for approval.

But now they have another reason to advance the nomination: Republicans' control of the Senate, currently by 53 members, is only assured until January.

In the same elections earlier this month where Trump lost to Democrat Joe Biden, voters also gave Democrats one additional Senate seat. Control of two more seats - and of the Senate itself - hangs on the outcome of a Jan. 5 runoff in Georgia.

Critics have said Shelton could politicize the Fed's interest-rate setting because of her ties to Trump, though she told lawmakers in her confirmation hearing that "no one tells me what to do.

"The other Trump nominee, St. Louis Fed research director Christopher Waller, is less controversial.

Both would be regular voters on a 12-member rate-setting panel at the Fed, the world's most influential central bank.

Shelton's term would end in January 2024. Waller's would end in 2030.Two Republicans have said they will not support Shelton.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, November 13 2020. 02:07 IST
RECOMMENDED FOR YOU
.