Opposition from one Republican on the committee would have been enough to derail Shelton’s nomination. All 12 Democrats on the Senate Banking Committee staunchly opposed Shelton’s nomination from the start. Before the current crisis, Trump routinely attacked Fed Chair Jerome H. Powell for not doing enough to stimulate the economy. Shelton’s nomination would add another layer of politics to the Fed’s efforts to steer the economy toward recovery. ADOn Tuesday, the Senate Banking Committee also will vote on the nomination of Christopher J. Waller, a St. Louis Fed economist.

Source: Washington Post July 20, 2020 19:49 UTC