Banking Committee will wait on Trump’s controversial Fed nominee

Senate Banking Committee Chairman Mike Crapo (R-Idaho) will wait on marking up President Trump’s controversial nominee to the Federal Reserve, Judy Shelton, after getting pushback from committee members over safety concerns and Senate protocol for committee business.

Banking Committee staff were informed earlier this week of a potential markup for Shelton and Federal Reserve nominee Christopher Waller on Tuesday but now will wait at least another week as Senate officials work on procedures for conducting committee business, according to sources familiar with the matter.

Amanda Critchfield, a spokeswoman for the Banking Committee, said Friday that Crapo’s staff never formally scheduled a markup for Shelton and Waller.

Shelton has come under criticism for her past advocacy of returning to the gold standard and weakening the U.S. dollar with interest rates to keep U.S. exports competitive. She has since backed away from both positions.

Staffers for Banking Committee members were alerted earlier this week of a potential markup for Shelton and Waller next week, but that proposal received pushback after a Tuesday briefing with Senate Sergeant at Arms officials raised questions about safety protocols in place for committee markups and votes.

The initial discussion was to have a markup of Shelton and Waller in executive session before Tuesday’s Banking Committee hearing on Brian Miller, who has been nominated to serve as special inspector general for pandemic recovery at the Treasury Department, and Dana Wade, who has been tapped to be an assistant secretary of Housing and Urban Development.

Banking Committee rules require a markup to be publicly noticed three business days in advance, which means Crapo would have had to put Shelton and Waller on the public calendar by Thursday to get them passed out of committee on Tuesday.

The alert that Banking Committee members received earlier this week that Shelton’s nomination could move on Tuesday was taken as a sign that she has the votes to pass.

A spokesperson for Sen. John Kennedy (R-La.), a member of the Banking panel, however, said her boss is still reviewing the nominee’s past writings.

“The senator continues to study Dr. Shelton’s resume and remains undecided on the nomination,” the aide said.

Senate committee rules do not require senators to be physically present for hearings but do require a quorum of lawmakers to be present for markups and votes on nominees.

“The Rules Committee is working with other Senate committees and the Sergeant at Arms to look at remote options for information-gathering hearings, which would not require a rules change,” said a Senate GOP aide.

Since Senate rules require the physical presence of lawmakers for markups, some senators and their staffs think more preparation needs to be made for holding votes during the pandemic.