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Judy Shelton testifies before the Senate Banking, Housing and Urban Affairs Committee, during a hearing on her nomination to be a member of the Federal Reserve Board of Governors on Feb. 13, 2020, in Washington. (Photo by Sarah Silbiger/Getty Images)
A controversial nominee to be on the Federal Reserve board, Judy Shelton, remains short of the votes needed to be confirmed so far, a member of Senate Republican leadership said Tuesday.
“We want to help her get through, but we’re still having some discussions. When it’s ripe, we’ll move,” said Sen. John Thune, the South Dakota Republican who, as party whip, is the second-ranking Republican in the Senate.
Shelton’s nomination has languished since her approval by the Senate Banking Committee in July.
Read more: Senate panel approves nomination of Judy Shelton to Fed board seat
Shelton’s nomination has attracted outsized attention for a central banking pick because she has a long record of advocating for some form of a gold standard, which would tie the value of the U.S. dollar to the price of gold. Setting interest rates and controlling the money supply are primary functions of the Fed board.
Until the Great Depression destroyed the policy, central banks had used a gold standard to set monetary policy.
Asked if Republicans were running out of time to confirm Shelton, given that lawmakers are eyeing the month’s end to leave Washington for the campaign trail, Thune said there was a similar effort made ahead of the August break.
“But we’re now back, focused on that nomination and discussing it with some of our members who had some questions. And so hopefully, when we those resolved, we’ll have the votes to get her moved,” Thune said.
