Judy Shelton: Senate rejects Donald Trump’s controversial candidate for Federal Reserve

The appointment of US President Donald Trump-backed economist Judy Shelton for a seat on the board of directors of the US Federal Reserve Federal Reserve has failed for the time being. The Republicans just missed the majority needed for confirmation in the Senate.

With a trick of the procedure, the Republican majority leader Mitch McConnell enabled a new vote at a later date.

The Republicans actually have a slim majority in the Senate. However, three of them had previously announced that they would vote against Shelton. The vote on the further nomination process – also because of absences – ultimately ended with 50 to 47 against Shelton.

The elected vice-president was also in favor of the foreseeable close vote Kamala Harris arrived. The Democrat is still a Senator for California.

Shelton calls for a return to the gold standard

Shelton is known as a recognized critic of the US Federal Reserve. She advised Trump on economic issues during the 2016 presidential election campaign and most recently worked in a high-level position for the European Bank for Reconstruction and Development. Technically, Shelton attracted attention through unusual positions. She takes the view, for example, that the international monetary system should return to a system of gold backing.

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