Judy Shelton had advocated a return to the ‘gold standard’ and criticised the Fed’s independence in monetary policy
Trump’s Republican Party has a 53-47 majority in the current Senate, but several Republicans opposed Shelton’s nomination and two were absent due to exposure to COVID-19.
Shelton’s nomination failed 47 to 50 on a key procedural vote, with three Republicans joining Democrats in voting ‘no’.
Senate Majority Leader Mitch McConnell indicated he may move to bring the nomination back to a vote later if Republicans can rally their members.
Democratic leaders had asked Senator Kamala Harris, who as Vice President-elect has been working with President-elect Joe Biden in Wilmington, Delaware, to return to Washington for the vote on Shelton. As vice president beginning on January 20, Harris would be the tie-breaker in any 50-50 Senate vote.
