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The appointment of economist Judy Shelton, backed by US President Donald Trump, to a seat on the board of the US Federal Reserve has failed for the time being. Republicans narrowly missed the Senate majority needed for confirmation.
In a trick of procedure, Republican Majority Leader Mitch McConnell allowed a new vote at a later date.
Republicans actually have a slim majority in the Senate. However, three of them had previously announced that they would vote against Shelton. The vote on the further nomination process – including due to absences – ultimately ended with 50 to 47 against Shelton.
Vice President-elect Kamala Harris also came for the predictable close vote. The Democrat is still a senator for California.
Shelton calls for a return to the gold standard
Shelton is known as a recognized critic of the US Federal Reserve. He advised Trump on economic issues during the 2016 presidential election campaign and most recently worked in a senior position for the European Bank for Reconstruction and Development. Technically, Shelton drew attention through unusual positions. He believes, for example, that the international monetary system should return to a gold backing system.
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