The newest member of the Federal Reserve Board of Governors has now taken his seat after taking the oath of office Friday via a video call, leaving just one seat open on the seven-member board.
The Fed said Friday that Christopher J. Waller took the oath of office, which was administered remotely via videoconference by Chair Jerome H. Powell. Dr. Waller took the oath at his residence in St. Louis; family and friends, the Fed said, witnessed the event.
Waller was confirmed by the Senate Dec. 3 for the Fed Board seat; he was nominated by President Donald Trump Jan. 16, 2020. He is serving a term that ends Jan. 31, 2030.
The Fed, in a release, announced the action – however, it did not say what assignments (committees or otherwise) Waller has received from the chairman.
Meanwhile, the nomination of Judy Shelton to take the seventh and last open seat on the Fed Board continues to be stalled in the Senate. Also nominated by Trump in January, a procedural vote on her confirmation in November failed to win enough votes. Since then, the Senate has not brought up the nomination again. However, there is still time for the Senate to act between now and Jan. 3, when the new Congress takes over (and the current Congress adjourns).
Shelton’s nomination has drawn controversy and some criticism for her past views about reinstituting the gold standard, questioning the effectiveness of federal deposit insurance, and the Fed’s independence from political influence.