Well, it looks like Judy Shelton will not be employed by the Federal Reserve.
The United States Senate’s upper chamber voted 50-47 against a move to limit debate on her nomination, a huge blow to her chances of securing a seat at the Fed.
At this point, the only path to victory for Shelton is if Senate Majority Leader Mitch gets 50 votes. In the event of a tiebreaker, Vice President Mike Pence would cast a vote.
Mitt Romney of Utah, Susan Collins of Maine, and Lamar Alexander of Tennessee will not be voting for Shelton. And Sen. Chuck Grassley (R-Iowa) and Rick Scott (R-Florida) both are quarantining due to COVID-19 exposure.
Shelton has come under fire for being highly critical of the Fed, as well as supporting gold-backed money. She has tergiversated during this process, likely to appease President Donald Trump.
That said, her addition to the U.S. central bank would be more interesting, since perhaps this would be a long con. But who knows? Either way, her presence would not lead to the abolition of the Federal Reserve System.
This is a warning for anybody who dares question Fed orthodoxy. Shelton was an example more than anything else.
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