The Senate Committee on Banking, Housing and Urban Affairs voted to advance the nomination of Judy Shelton to the full Senate to become a member of the Federal Reserve board of governors.
Shelton, who was nominated by President Trump, survived the partisan vote, 13-12, on July 18, that was strictly along party lines.
Notably, Shelton has been a controversial pick for the Federal Reserve Board. Mainly, it is due to her criticism of the Fed’s reaction to the global pandemic.
The Fed cut interest rates to zero in March due to the pandemic’s effect on the economy. In June, though, it agreed to not cut interest rates any further but said it may revisit the idea in the near future. However, Shelton feels that action must take place sooner to help boost the economy and lower the high u…