Trump Pick Shelton Moves a Step Closer to Joining Fed Board (1)

Judy Shelton, President Donald Trump’s contentious pick for the Federal Reserve’s Board of Governors, cleared a key hurdle to confirmation by winning the approval of a majority on the Senate Banking Committee.

She was backed in a party-line vote Tuesday, 13-12. The committee also voted in favor of Fed nominee Christopher Waller, currently director of research at the St. Louis Fed. His nomination passed 18-7.

Shelton -- who has drawn sharp criticism for her unorthodox views on monetary policy and for her sudden willingness to espouse an approach that hews with the president’s -- could still fall short ...