Judy Shelton, President Donald Trump's controversial pick to serve on the Federal Reserve's interest-rate-setting panel, is expected to win narrow backing from the Senate Banking Committee Tuesday, allowing her nomination to advance to consideration by the full Senate, Reuters reported. A vote is expected around 2 p.m. ET. A second nominee to the Fed Board, St. Louis Federal Reserve bank research director Christopher Waller, is also expected to win the panel's support. Shelton, a conservative economist who has argued the nation would be better off returning to the gold standard and as recently as 2017 criticized the Fed's power over money and financial markets as "quite unhealthy," drew criticism from Democrats and even some Republicans during a contentious hearing in February.
