SPONSORED:

Trump renominates Judy Shelton in last-ditch bid to reshape Fed

Trump renominates Judy Shelton in last-ditch bid to reshape Fed
© Getty Images

President TrumpDonald TrumpSchumer: Impeachment trial will be quick, doesn't need a lot of witnesses Nurse to be tapped by Biden as acting surgeon general: report Schumer calls for Biden to declare climate emergency MORE on Sunday renominated Judy Shelton to the Federal Reserve, attempting to fill the final vacant seat on the central bank’s board just weeks before he is set to leave office.

Trump renewed Shelton’s nomination on the first day of the new Congress after she failed to muster enough support for confirmation last year. Unconfirmed presidential nominations automatically expire at the end of a session of Congress.

Shelton’s renomination is the first step in a last-ditch push by Trump to add a controversial ally to the Fed board. If Republicans can defend both of Georgia's two Senate seats in Jan. 5 runoff elections, Shelton may have enough support to be confirmed before President-elect Joe BidenJoe BidenBudowsky: A Biden-McConnell state of emergency summit DC might win US House vote if it tries Inaugural poet Amanda Gorman inks deal with IMG Models MORE is sworn in Jan. 20.

ADVERTISEMENT

The Senate is divided between 51 Republicans and 48 Democrats pending the results of the Georgia runoffs. All Democratic senators and GOP Sens. Mitt RomneyWillard (Mitt) Mitt RomneyHouse formally sends impeachment to Senate, putting Trump on trial for Capitol riot Bernie Sanders has been most-followed member of Congress on social media for six years The Hill's Morning Report - Biden: Focus on vaccine, virus, travel MORE (Utah) and Susan CollinsSusan Margaret CollinsCollins: Minimum wage increase should be separate from COVID-19 relief package The Hill's Morning Report - Biden: Focus on vaccine, virus, travel Moderates vow to 'be a force' under Biden MORE (Maine) oppose Shelton’s nomination, making one more GOP defection or a loss by Sen. Kelly LoefflerKelly LoefflerLimbaugh falsely says Biden didn't win legitimately while reacting to inauguration Suburbs pose challenge for GOP in post-Trump era Democrats swear in three senators to gain majority MORE (R-Ga.) or former Sen. David PerdueDavid PerdueSuburbs pose challenge for GOP in post-Trump era Democrats swear in three senators to gain majority Schumer becomes new Senate majority leader MORE (R-Ga.) likely fatal to her bid.

Loeffler is serving out the remainder of former GOP Sen. Johnny IsaksonJohnny IsaksonLoeffler concedes to Warnock Hawley to still object to Pennsylvania after Capitol breached Hillary Clinton trolls McConnell: 'Senate Minority Leader' MORE’s term, which will last until either she or Warnock are sworn in as his successor. The Senate seat Perdue held until Sunday is vacant and will remain so until the winner of his race with Democratic challenger Jon Ossoff is sworn in.

Shelton, a former Trump campaign adviser, was first nominated to the Fed in January 2019 and came remarkably close to confirmation in December. Despite opposition from three GOP senators, she appeared on track to be confirmed until coronavirus-related absences allowed Democrats to defeat a motion to end debate on her nomination.

The swearing-in of Sen. Mark KellyMark KellyModerates vow to 'be a force' under Biden Arizona Gov. Ducey says he won't run against Mark Kelly for Senate Bipartisan Senate gang to talk with Biden aide on coronavirus relief MORE (D-Ariz.) to succeed former GOP Sen. Martha McSallyMartha Elizabeth McSallyCindy McCain on possible GOP censure: 'I think I'm going to make T-shirts' Arizona state GOP moves to censure Cindy McCain, Jeff Flake Trump renominates Judy Shelton in last-ditch bid to reshape Fed MORE on Nov. 30 left Republicans without enough votes to confirm Shelton for the remainder of 2020. 

But the replacement of retired Sen. Lamar AlexanderLamar AlexanderCongress addressed surprise medical bills, but the issue is not resolved Trump renominates Judy Shelton in last-ditch bid to reshape Fed Senate swears-in six new lawmakers as 117th Congress convenes MORE (R-Tenn.) — who opposed Shelton’s nomination — by first-term Sen. Bill Hagerty (R) may give Shelton enough votes to be confirmed this month if no other Republican breaks from Trump.

ADVERTISEMENT

Shelton's confirmation would prevent Biden from filling the last vacant seat on the seven-person Fed board of governors and give Trump an ally within the Fed should he run for reelection and win another term in 2024. 

Shelton has been widely criticized by former Fed officials economists across the ideological spectrum for her inconsistent views on monetary policy, controversial proposals and closeness to Trump.

Updated