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November 17, 2020

King Votes Against Fed Nominee

WASHINGTON, D.C. – Today, U.S. Senator Angus King (I-Maine) voted against Dr. Judy Shelton’s nomination to serve on the Federal Reserve’s Board of Governors, which oversees the nation’s central bank and works to promote the effective operation of the U.S. economy and the general public interest. After the motion to file cloture on Dr. Shelton’s nomination was defeated by a vote of 47 to 50, Senator King released the following statement:

“We are in the midst of a massive economic crisis, which has devastated working Americans, small businesses, and local governments alike -- which calls for sound, long-term, data-based economic thinking. To best navigate the choppy waters ahead, we need strong, stable, apolitical leadership from the Federal Reserve that examines the best path forward for the entire nation. Instead, President Trump put forward a nominee whose extreme views place her well outside of the mainstream and, leading economists say, would create new hazards to America’s economic prospects. Dr. Shelton’s fringe views, including her support for a return to the gold standard, are dangerous in the best of times; in the middle of this crisis, they could be downright catastrophic.

“Perhaps even more worrisome is Dr. Shelton’s lack of respect for the Federal Reserve’s longstanding independence. The Fed is supposed to put the long-term financial interest of the nation ahead of any short-term political pressures, but Dr. Shelton has repeatedly communicated and demonstrated limited interest in continuing this tradition. If the Senate had allowed President Trump to politicize the Fed by confirming Dr. Shelton to its Board of Governors, she likely would have undermined the Fed as an institution, and permanently compromised its unique position in our society. In the short-term and the long-term, Dr. Shelton was the wrong choice for a role this important. I’m grateful that her nomination was rejected on a bipartisan basis, and hope that the Senate can shift our consideration to the pressing matters at hand.”

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