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Economist Christopher Waller has been confirmed as governor of the Federal Reserve, following a party vote Thursday in the Senate.
At the same time, Judy Shelton’s controversial previous appointment to a similar post is likely over now that she has lost key Republican support and the Democrats have officially won another seat.
Although he had much stronger bipartisan support during his confirmation hearing, Waller’s name was voted 48 to 47, with Republican Rand Paul the only GOP member to vote against.
At the same time, the seats of Arizona Democrat Mark Kelly, who toppled Republican Senator Martha McSally, likely sealed Shelton’s fate. His appointment had been the subject of substantial criticism in the chamber over his views in favor of the gold standard, questioning whether the Fed should be independent from political interference and whether bank deposits should be insured.
Republican Senators Mitt Romney of Utah and Susan Collins of Maine opposed Shelton’s nomination. There is still a small chance that it can be confirmed if the GOP wins at least one of the two contested seats in Georgia, although the time frame for making such a decision is limited and must take place before the next Congress meeting. in January.
The GOP has a 52-48 advantage in the upper chamber which could change after the Georgia races.
Shelton is the latest Fed candidate by President Donald Trump to fall flat, despite Republican Senate control.
Previous attempts to get economic commentator Stephen Moore and the late Herman Cain to sit on the central bank’s board have also failed amid controversy. Economists Nellie Liang and the late Marvin Goodfriend also failed to secure adequate political support to pass.
Waller authorized a procedural vote on Wednesday. He is vice chairman of the St. Louis Fed and has attended the policy development meetings of the Federal Open Market Committee and is therefore familiar with the workings of the central bank.
This is the latest news. Check back here for updates.
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