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Senate committee advances 2 Fed nominees
The Senate Banking Committee Tuesday advanced two nominations for the Federal Reserve Board of Governors to the full Senate: Economist Judy Shelton and Federal Reserve Bank of St. Louis Director of Research Dr. Christopher Waller.
Shelton's nomination advanced along party lines; Waller's nomination had some bipartisan support.
At the nomination hearing in February, committee Chairman Mike Crapo, R-Idaho, described Shelton's questioning as "very aggressive" as senators asked her about her previous positions on various monetary issues, including lowering interest rates, devaluing the dollar, and maintaining the Fed's independence. Waller was less controversial and shared insights into how his experience as an economist for the Fed would affect his approach to monetary policy.
The Fed's Board of Governors is made of up seven members; Shelton and Waller are nominated to fill two vacancies. Credit unions often use Federal Reserve services to meet their members' needs and NAFCU and its Board of Directors meet annually with the Federal Reserve to present findings from the association's Report on Credit Unions and to discuss issues critical to the credit union industry. NAFCU and member credit unions also held a number of meetings last year with Federal Reserve Banks across the country.
NAFCU will monitor as the nominations advance to the full Senate for confirmation.