Report: Senate GOP leadership concedes Shelton short of votes for confirmation to Fed Board (at least for now)

Federal Reserve Board Nominee Judy Shelton “does not have the votes” to be confirmed to the seat, according reports Tuesday citing a member of the Republican Senate leadership team.

According to the report, Sen. John Thune, R-S.D. and chairman of the Senate Republican Conference (the third-highest ranking Republican in the Senate) Shelton’s nomination to the Fed Board has not, yet at least, garnered enough votes to confirm her nomination. President Donald Trump formally nominated Shelton, an economist and consultant, to the board in January.

Federal Reserve Board Nominee Judy Shelton

In July, the Senate Banking Committee recommended her to the full Senate for confirmation on a 13-12, strictly party-line vote.

Bloomberg first reported Thune’s comments. The news service also reported that Thune said the Senate nevertheless intends to “move forward” on Shelton’s nomination before the November election, if she can receive more support. Shelton’s nomination has been flagged by the White House as a priority. Thune also said, according to reports, that the Republican leadership will not bring up Shelton’s nomination until they are sure they have the votes to confirm.

To be confirmed, Shelton needs all but four Republican members to support her nomination, since all Democrats have vowed to reject her.

It is unclear what the impact of the development on the Shelton nomination will have on the nomination of Christoper Waller to the Fed Board. The White House has said that the nominations of the pair must be treated in tandem by the Senate and cannot be considered individually.

No vote has been scheduled for either.

Meanwhile, in a third nomination pending before the Senate for the federal financial institution regulator, no vote has been scheduled yet for Kyle Hauptman to a seat on the NCUA Board. Hauptman was nominated by Trump in June; he was recommended to the Senate for confirmation on a split vote in August by the Senate Banking Committee.

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