SME Times is powered by   
Search News
Just in:   • Digital play with Indian business models  • Covid-19: GoDaddy joins Ketto to support Indian SMEs  • Petrol, diesel futures trading to start soon on exchanges  • MSME loans sanctioned under ECLGS reach Rs 1.20 lakh cr  • Trump downplays chances of new China trade deal 
Last updated: 14 Feb, 2020  

White.House.Thmb.jpg Controversial US Fed nominee quizzed by Senate

White.House.jpg
   Top Stories
» MSME loans sanctioned under ECLGS reach Rs 1.20 lakh cr
» Green shoots in the economy: RBI Governor
» Rupee range-bound on higher inflows, swelling reserves
» 'Auto component sector's revenues may fall by 14-18%'
» Tradeindia's 3 day- 'COVID-19 Essentials Expo India' to kick off on Aug 5
IANS | 14 Feb, 2020
A controversial nominee for the US Federal Reserve's Board of Governors handpicked by the White House, was questioned by the Senate during her confirmation hearing.

Judy Shelton, a conservative scholar nominated by President Donald Trump last year, attended her confirmation hearing before the Senate Banking, Housing and Urban Affairs Committee on Thursday, reports Xinhua news agency.

Shelton, a former economic adviser to Trump's presidential campaign and also a critic of the Federal Reserve's monetary policy, once wrote in The Wall Street Journal that the Fed "would be in keeping with its historical mandate if the Fed were to pursue a more coordinated relationship with both Congress and the President".

Most economists and market participants believe that the Federal Reserve should unarguably guard its independence from political influences, since this acts as a pillar of the US central bank's credibility.

Facing doubts and worries, Shelton stressed her independence in front of senators from both side of the aisle.

"I pledge to be independent in my decision-making and frankly no one tells me what to do," Shelton said during the confirmation hearing.

However, Senate Democrats didn't buy her words about independence, with one saying that Shelton had "flip-flopped on too many issues to be confirmed".

Besides, multiple Senate Republicans saw some of her controversial economic ideas such as managing the value of the U.S dollar as "a very very dangerous path to go down".

According to the Federal Reserve Act, a nominee for the Fed's Board of Governors must be confirmed by the Senate.

If all Democrats oppose her nomination, Shelton would need full support of the Republican senators on the committee to win her nomination.

Contrary to what Shelton experienced during the hearing, Christopher Waller, another nominee who serves as research director of the Federal Reserve Bank of St. Louis, faced much less questioning.


 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Jul, 2020
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» Pain points for MSMEs(3)
» Starting an import export business: Basic guide for beginners(2)
» UP govt to change lives of migrants: MSME Principal Secy(2)
» Subsidy provided to artisans under Solar Charkha Mission: MSME minister(1)
» Appoint distributors, expand your business(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter