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Shelton Fed Confirmation Faces Major Difficulty As GOP Senator Self-Isolates
Senate Republicans face major difficulties in getting the confirmation of Fed Board of Governors nominee Judy Shelton across the line following the announcement that Senator Chuck Grassley (R-IA) is self-isolating after coming into contact with an individual with COVID-19.
- There Republican senators - Lamar Alexander (R-TN), Mitt Romney (R-UT) and Susan Collins (R-ME) - have already stated that they will vote against Shelton's confirmation. If every other Senator voted along party lines this would lead to a 50-50 split in the Senate, with the tie-breaking vote cast be Vice-President Mike Pence.
- However, should Grassley be unable to make it to the Senate floor to vote, the procedural vote in favour of Shelton's confirmation going ahead would fail 49-50.
- There is also difficulty should Senate Majority Leader Mitch McConnell seek to delay the vote. Senator-Elect from Arizona Mark Kelly, a Democrat, is due to be sworn in in the coming days. The loss of a Republican and the gain of a Democrat in the Senate maths would make confirmation even more difficult.
- Earlier, Senate Minority Leader Chuck Schumer (D-NY) said Shelton was "one of the most unqualified nominees that he has ever seen".
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.