federal reserve

GOP senators uneasy with Fed pick on gold, deposit insurance
Questioning a return to the gold standard and eliminating federal deposit insurance

“I'm not convinced we should switch to a gold standard anytime soon,” said Sen. Patrick J. Toomey, R-Pa., (File photo by Bill Clark/CQ Roll Call)

Republican senators have expressed concerns about Judy Shelton, one of President Donald Trump’s picks for the Federal Reserve Board, over her support for a return to the gold standard and eliminating federal deposit insurance, but, so far, are holding back from publicly opposing her nomination.

Trump tweeted his intention in early July to nominate Shelton and Christopher Waller to the two vacant seats on the seven-member Fed board. Waller, an economist at the Federal Reserve Bank of St. Louis, is seen by most observers as a conventional pick, but Shelton’s decades-long advocacy for resurrecting the Bretton Woods monetary system has put her at odds with most economists and some Republican senators. The system pegged the dollar to the price of gold and other currencies to the dollar.

GOP senators sound optimistic about Trump’s new Fed picks
They’re at least faring better than the president’s last two picks

Sen. John Kennedy, R-La., spoke highly of Federal Reserve nominee Christopher Waller. (Bill Clark/CQ Roll Call file photo)

A week after President Donald Trump tweeted his intention to nominate Judy Shelton and Christopher Waller to the Federal Reserve Board, GOP senators are expressing cautious optimism about both picks, despite Shelton’s unorthodox views on monetary policy.

They’re at least better than the president’s previous two picks — Stephen Moore and Herman Cain dropped out before they were officially nominated — said Sen. Richard C. Shelby, R-Alabama. “Well, we haven’t evaluated them yet, but the previous two were lacking in a lot of things,” he said.

Road ahead: War powers debate shifts to House
Senate turns back to nominations after brief period of legislating

California Rep. Ro Khanna is leading an amendment to the House version of the National Defense Authorization Act that would block the Trump administration from using military force in Iran without congressional approval. (Tom Williams/CQ Roll Call file photo)

Updated 5:02 p.m. | Congress could get a second opportunity this week to try and block President Donald Trump from going to war with Iran without congressional approval as the House debates its fiscal 2020 National Defense Authorization Act.

The Senate rejected an amendment seeking to add such language to its version of the measure before it left for the July Fourth recess. The overall measure passed 86-8.

Behind the Interest Rate Increases
CQ Budget Podcast, Episode 82

FED Chairman Jerome Powell. (Photo by Drew Angerer/Getty Images)