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Judy Shelton now appears to have enough Republican support for her controversial appointment to the Federal Reserve Board of Governors to pass.
Senate Majority Leader Mitch McConnell said on Thursday he would advance Shelton’s name to the Senate after Senator Lisa Murkowski (R-Alaska) told reporters she would now support President Donald’s economic adviser Trump, CNBC’s Ylan Mui reported.
“I have had the opportunity to speak to Judy Shelton and I will support her,” Murkowski told reporters Thursday afternoon, according to reports in various news outlets.
Shelton’s nomination had been blocked in the Senate even though the Judiciary Committee cleared it by a 13-12 vote in July. Several key Republicans had hesitated in their support, and it appeared for some time that the nomination would not be clear until the end of the current session of Congress.
At the controversial July hearing, senators asked Shelton about his views on Fed independence, his support for the gold standard, and his hesitation over whether bank deposits should be insured .
Democratic senators have accused Shelton of going back on previous statements she made on these issues.
His co-nominee, Christopher Waller, executive vice president of the St. Louis Fed, had a much easier time and won committee approval by a vote of 18 to 7.
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