Senate clears Trump Federal Reserve nominee Chris Waller
Waller made the cut, Shelton did not
Chris Waller of the St. Louis Federal Reserve is the newest member of the Federal Reserve Board of Governors and will work side-by-side with Fed Chair Jerome Powell.
The Trump nominee was approved in a 48 to 47 Senate vote for a term of 14 years beginning Feb. 1, 2016, as the opening was vacant.
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According to his bio, he received a "B.S. in economics from Bemidji State University in 1981, and his M.A. and Ph.D. from Washington State University in 1984 and 1985, respectively. His principal research interests are monetary theory, political economy and macroeconomic theory."
James Bullard, president of the St. Louis Fed, celebrated the confirmation.
“The Senate’s confirmation of Chris Waller to become a Fed governor is fantastic news. Chris has served superbly as the St. Louis Fed’s director of research. He exemplifies the Bank’s longstanding tradition of thought leadership in monetary policy and macroeconomic research. Chris will be an excellent Fed governor, and I look forward to our new working relationship as well as our continued friendship" said Bullard in a statement.
Waller, along with his colleagues, posted a celebratory tribute via Twitter.
Waller was nominated along with Judy Shelton in July by Trump, who touted Waller's experience as Chair of Economics at Notre Dame.
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Shelton's nomination is likely dead in the water after falling one vote short in the Senate last month. Her support of the Gold Standard, in which U.S. currency is backed by gold, as well as her writings questioning the Fed's political independence, irked Democratic critics.
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Now President-elect Biden likely has one slot to fill at the Fed.
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