Wednesday, April 14, 2021

Collins Joins Romney to Oppose Trumps Fed Pick Judy Shelton

Sen. Susan Collins on July 27 announced that she will vote against the confirmation of Judy Shelton,..

By Sunday Herald Team , in US Politics , at July 27, 2020

Sen. Susan Collins on July 27 announced that she will vote against the confirmation of Judy Shelton, President Donald Trumps nominee for the board of the Federal Reserve.

Collins is the second Republican senator to declare opposition after Sen. Mitt Romney said last week that he wont be voting for Shelton.

“I have serious concerns about this nomination. In her past statements, Ms. Shelton has openly called for the Federal Reserve to be less independent of the political branches, and has even questioned the need for a central bank,” Collins said in a statement emailed to The Epoch Times.

“This is not the right signal to send, particularly in the midst of the pandemic, and for that reason, I intend to vote against her nomination if it reaches the floor.”

Republicans hold a 53-47 majority in the Senate, meaning that Shelton cannot afford to lose the votes of two more Republicans if the Democrats all vote against her.

Trump announced his intent to nominate Shelton in July last year. The Senate Banking Committee advanced her nomination to the full Senate on a party-line vote last week.

Like Trump, Shelton had previously advocated a return to the gold standard. She has also doubted the necessity of a Fed entirely independent of the White House.

Romney, the only Republican senator to vote in favor of impeaching Trump, announced his opposition shortly after the banking committee voted in favor of Shelton.

“Im not going to be endorsing Judys Sheltons nomination to the Fed,” Romney said. “I will be voting against her.”

Beginning in July 2018, President Donald Trump began to repeatedly criticize the Federal Reserve for raising interest rates. The Feds subsequent rate hikes are largely blamed for the subsequent stock market crash at the turn of that year.

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