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Trump's pro-gold nominee moves closer to landing Fed seat
By Victoria Guida
Tuesday, July 21, 2020
Judy Shelton, the controversial Federal Reserve nominee who long advocated for a return to the gold standard and once questioned the basis for the Fed’s independence from political influence, is one step closer to a seat on the central bank’s board.
Shelton, whose nomination by President Donald Trump has faced months of delays because of skepticism from key Republicans, was approved Tuesday by the Senate Banking Committee on a party-line vote. She must now face a vote before the full chamber.
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"I am confident that her deep understanding of the Fed's monetary policy toolkit, monetary history and commitment to maintaining Fed independence will serve the Fed well," Banking Chair Mike Crapo, R-Idaho, said before the committee vote.
Democrats have decried Trump's selection of Shelton not only because of her unorthodox views -- she also once suggested ending federal deposit insurance for banks -- but also because her stances have seemingly shifted since she became a candidate for the job, moving more in line with the president's vocal opinions about the Fed. ...
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