Susan Collins Is Second GOP Senator To Oppose Trump’s Fed Pick

Bangor Daily News (ME)

Jul. 27--Maine Sen. Susan Collins is one of two Republican senators who say they will oppose President Donald Trump's nominee to the controlling body of the Federal Reserve, the Wall Street Journal reported on Monday.

The nomination of Judy Shelton, an advisor for Trump during his 2016 campaign, to the controlling body of the Federal Reserve Board has caused controversy. She has said the Federal Reserve -- the U.S. central bank -- has too much power and needs to be reined in and also called for linking the country's currency system directly to the value of gold.

Collins said in a statement that those views are "not the right signal to send, particularly in the midst of the pandemic" and that she would oppose Shelton's nomination by the Republican president if it reached the Senate floor. She supported the nomination of Michelle Bowman to the board last year.

The other Republican senator opposing the nomination is Sen. Mitt Romney of Utah. Their votes are not enough to usurp Shelton's nomination outright in a Senate controlled 53-47 by the party, but the nomination can only afford to lose two more Republicans before failing.

Shelton squeaked through the initial nomination hearing before the Senate Committee on Banking, Housing and Urban Affairs last week with a 13-12 vote along party lines. All Senate Democrats are expected to oppose the nomination.

The Federal Reserve Board has been operating with two empty seats after Trump publicly considered nominating both businessman and former Republican presidential candidate Herman Cain and conservative economist Stephen Moore. Both dropped out of the running before being formally nominated by the president.