Trump itching to fire the fed

First, you're not going to get the chance to appoint him again or anyone else for that matter. You're done.

Second, stocks go up, you love Powell. Stocks go down, you hate him. Nevermind you criticizing Yellen and Obama for the exact same thing you are doing now back in 2015 when you called it a "Big, Fat Bubble".

Chump.

https://twitter.com/x/status/1278405933798916096
 
GOP suddenly have finding Jesus moment and schedule vote o confirm they opposed in the past:

https://www.washingtonpost.com/business/2020/11/12/fed-shelton-senate/

Senate readies vote on Judy Shelton, granting Trump another opportunity to shape Federal Reserve
Shelton’s confirmation could mark Trump’s final imprint on the Fed board, just months before the Biden administration is inaugurated.

The Senate is expected to confirm President Trump’s controversial Federal Reserve nominee Judy Shelton to a seat on the central bank’s board of governors, giving the president another chance to shape the long-term direction of one of the government’s most powerful entities.

Senate Majority Leader Mitch McConnell (R-Ky.) took procedural steps Thursday to set up a vote on Shelton’s long-pending nomination for as early as next week. Also on Thursday, Sen. Lisa Murkowski (R-Alaska) — a key moderate whose support had not been assured — said she would back Shelton’s nomination.

Just a few months ago, it was unclear whether Shelton had enough support among GOP senators to be confirmed.

Shelton’s confirmation could mark Trump’s final imprint on the Fed board before the Biden administration is inaugurated in January. Trump’s previous picks to fill the Fed’s two current vacancies have faced criticism from Democrats and Republicans alike, and getting his final nominees confirmed would be a victory before his administration leaves office. Some of Shelton’s critics had previously wondered whether Trump, if reelected, would try to elevate Shelton to Fed chair. Yet those prospects have all but evaporated with an incoming Biden administration.

With pick for treasury secretary, Biden will tip hand about his economic agenda

“Judy Shelton, President Trump’s exceptionally qualified nominee to the Federal Reserve, has the full backing of the White House and we expect she will be confirmed,” deputy White House press secretary Judd Deere said in a statement Thursday.

In September, Sen. John Thune (R-S.D.) suggested that Shelton did not have the votes to be confirmed. At the time, Thune said conversations about Shelton’s nomination “kind of got eclipsed by the coronavirus discussion” and related stimulus negotiations.

“We’re still working it,” Thune said at the time. “She’s a priority for the White House. It’s the Federal Reserve. It’s important, so obviously we want to get it done. But we’re not going to bring it up until we have the votes to confirm her.”

Shelton’s confirmation also appeared in jeopardy earlier in the summer when Sens. Susan Collins (R-Maine) and Sen. Mitt Romney (R-Utah) said they would vote against her nomination. In July, Shelton’s nomination narrowly made it through the Senate Banking Committee, which voted 13 to 12 along party lines to send the nomination to the floor of the Senate. Some on the panel had previously expressed concerns that Shelton was too much of an outlier in her views on the Fed’s independence and monetary policy.

Shelton advised Trump’s 2016 presidential bid and has been criticized for her views on the long-abandoned gold standard. Shelton also had called for closer ties between the White House and the Fed despite a long-standing tradition of central bank independence.

Shelton was nominated alongside Christopher J. Waller, a St. Louis Fed economist. Waller’s confirmation has been far less controversial. If both Shelton and Waller are confirmed, the board’s current vacancies will be filled.

“It means Republicans are taking it very seriously and Trump wants to get it done,” said Stephen Moore, an outside economic adviser to the White House who abandoned his own bid to fill one of the Fed’s vacancies amid scrutiny of his past remarks. “People said, ‘Well, she’s not in the mainstream with all the other Fed economists.’ Well, that’s what we like about her. ... There’s this sense that everyone has to drink the same Kool-Aid at the Fed.”

Still, the makeup of the Fed board of governors could change further once the Biden administration is in office. Lael Brainard, the board’s lone Democrat, also is a top contender to Biden’s treasury secretary or, some suggest, a successor to Fed Chair Jerome H. Powell if he is not reappointed when his term ends in 2022.

https://www.ft.com/content/4c146684...ft?token=fa26d6cd-5f31-4596-9a7f-87ea36ad396d


Ms Shelton has long been considered a controversial choice for the Fed board, because of her staunch loyalty to Mr Trump, which has called into question her independence, as well as her sympathy for the gold standard. She also compared the Fed’s role in setting monetary policy to the Soviet Union’s economic planning.
“Yet Dr Shelton does not believe that the Federal Reserve should be shielded from political whims, and she has advocated for failed Great Depression-era policies — like a return to the gold standard and the removal of deposit insurance — that would make our economy more volatile,” they said.

“Judy Shelton lacks basic knowledge about our banking system — and she makes up for it by pushing fringe economic theories,” Ms Warren tweeted on Thursday. “Her appointment during a recession threatens our economy and the millions of families who are already struggling. The Senate must reject this nomination.”

 
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