WASHINGTON — Judy Shelton, an unorthodox economist with close ties to the Trump administration, moved a step closer to a seat on the Federal Reserve Board after the Senate Banking Committee voted along party lines on Tuesday to advance her nomination to the full Senate. Ms. Shelton moved forward along with Christopher Waller, who is research director at the Federal Reserve Bank of St. Louis and a more conventional pick. If they are confirmed by simple majority votes in the Senate, Ms. Shelton and Mr. Waller will fill the two empty seats on the Fed’s seven-member board in Washington. While no Democrats on the committee voted for Ms. Shelton, five voted in favor of Mr. Waller. The committee’s 12 voting seats are occupied by the seven governors, the Federal Reserve Bank of New York president, and four regional central bank presidents on a rotating basis.

Source: New York Times July 21, 2020 18:20 UTC