Finance

Biden withdraws Judy Shelton’s Fed nomination

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President Biden on Thursday formally withdrew Judy Shelton’s nomination to the Federal Reserve Board, closing the book on her quest to join the central bank.

Shelton’s nomination was withdrawn with more than two dozen other officials nominated by former President Trump in January shortly before he left office.

The Democratic takeover of the Senate in January effectively ended Shelton’s chances of confirmation, and Biden’s withdrawal of her nomination does little more than clear the way for his eventual pick to fill the final vacant spot on the Fed board.

Biden has not yet indicated who he would nominate in Shelton’s place.

Trump announced in 2019 that he would nominate Shelton, a former campaign adviser, to the Fed board after Senate Republicans rejected four of his previous picks. She was formally nominated in early 2020 and narrowly approved for a confirmation vote by the Senate Banking Committee last July despite GOP concerns about her criticism of Fed independence, past support for the gold standard and inconsistent views on monetary policy.

Shelton came remarkably close to confirmation in December, but coronavirus-related absences and the opposition of three Republican senators blocked her from joining the Fed. Trump renominated Shelton in January after the new Congress convened, but Republicans were unable to confirm her before losing their Senate majority.

Other nominations withdrawn Thursday included Brian Brooks to serve as comptroller of the currency, Robert Bowes to be a member of the Commodity Futures Trading Commission, and several inspector general, judicial and ambassadorial picks.

Tags Donald Trump Federal Reserve Federal Reserve Board Judy Shelton
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