GOP short of votes on Trump's controversial Fed pick

Senate Republican leaders don’t yet have 51 votes to confirm President TrumpDonald John TrumpObama calls on Senate not to fill Ginsburg's vacancy until after election Planned Parenthood: 'The fate of our rights' depends on Ginsburg replacement Progressive group to spend M in ad campaign on Supreme Court vacancy MORE’s controversial pick to the Federal Reserve, Judy Shelton, whose nomination is facing strong opposition from prominent economists.

Senate Republican Whip John ThuneJohn Randolph ThuneWhat Senate Republicans have said about election-year Supreme Court vacancies The Hill's 12:30 Report - Presented by Facebook - Don't expect a government check anytime soon The Hill's Morning Report - Sponsored by The Air Line Pilots Association - Trump contradicts CDC director on vaccine, masks MORE (S.D.) said Tuesday that the leadership is still “working” on mustering majority support for Shelton, who has come under criticism for her past support for returning to the gold standard.

Thune raised the possibility that Shelton may not come to the floor before Election Day, which means her nomination would be in jeopardy if Trump doesn’t win reelection.

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Asked if Shelton would receive a vote before the Senate recesses for the election, Thune said: “We’ll see — as soon as she has 51 votes.”

“We’re still working it,” he said. “She’s a priority for the White House. It’s a Federal Reserve [position,] it’s important. So obviously we want to get it done but we’re not going to bring it up until we have the votes to confirm [her.]”

Shelton’s nomination to the Federal Reserve, which sets monetary policy for the nation, has faced Republican opposition since Trump announced the pick in January.

Sen. Mitt RomneyWillard (Mitt) Mitt RomneySenate Republicans face tough decision on replacing Ginsburg McConnell says Trump nominee to replace Ginsburg will get Senate vote GOP-led panel to hear from former official who said Burisma was not a factor in US policy MORE (R-Utah) announced in July he would oppose Shelton’s nomination.

“I will be voting against her,” he said July 23.

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Sen. Susan CollinsSusan Margaret CollinsSenate Republicans face tough decision on replacing Ginsburg Democratic senator calls for eliminating filibuster, expanding Supreme Court if GOP fills vacancy What Senate Republicans have said about election-year Supreme Court vacancies MORE (R-Maine), who faces a tough reelection race this fall, announced in July that she too would oppose Shelton.

“I have serious concerns about this nomination,” she said in a statement July 27.

Collins criticized Shelton for calling for the Federal Reserve to be less independent of the White House and Congress.

Senate Republicans control 53 Senate seats and cannot afford any more than three defections. Vice President Pence could break a 50-50 tie to confirm Shelton.

A group of more than 100 prominent economists signed a letter last month urging senators to vote against Shelton, citing what they called her “extreme and ill-considered” views on monetary and economic policy. The list included seven Nobel laureates.

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Republicans on the Senate Banking Committee including Sens. Pat ToomeyPatrick (Pat) Joseph ToomeyAppeals court rules NSA's bulk phone data collection illegal Dunford withdraws from consideration to chair coronavirus oversight panel GOP senators push for quick, partial reopening of economy MORE (Pa.) and Richard ShelbyRichard Craig ShelbySenate GOP eyes early exit Dems discussing government funding bill into February GOP short of votes on Trump's controversial Fed pick MORE (Ala.) raised concerns earlier this year about Shelton’s past support for devaluing the dollar to encourage exports or returning to the gold standard.

Toomey warned in February that devaluing currencies to increase exports is “a very, very dangerous path to go down,” but later announced he would support Shelton after she provided him assurances in writing. Shelton promised she would oppose using monetary policy to weaken the dollar and that doing so is not in the Fed’s direct purview.

Sen. John KennedyJohn Neely KennedyMORE (R-La.), another member of the Banking panel, held up Shelton’s nomination for weeks to study her record.

Despite their concerns, all 13 Republicans on the Banking Committee voted to advance Shelton’s nomination in a party-line vote in late July.

Senate aides familiar with the nomination say that National Economic Council Director Larry KudlowLarry KudlowMORE has championed Shelton’s nomination but that it doesn’t have much support from within the Federal Reserve.