Trump’s Fed nomination in doubt

Trump's Fed nomination in doubt after 'very aggressive' hearing
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King Donald pretty much now controls the Judicial and the Legislative, it’s been killing him that he can’t flood the economy with fiat currency on demand. Today’s results aren’t going to please him. Twitter-fingers-at-the-ready….

 

Shelton’s failure to win confirmation would be Trump’s fifth Fed pick to go down, frustrating a president who has relentlessly pressured the central bank for more than a year to cut interest rates to boost the economy.

“I’m troubled by some of your writings,” Shelby, a senior member of the committee, told Shelton.

Toomey in particular pressed Shelton on her statements last year suggesting that the Fed should devalue the dollar in response to currency manipulation by other countries, to ensure that U.S. exports can remain competitive. He argued that the Fed should be focused only on its congressional mandates: stable prices and maximum employment.

“The only rational conclusion one can come to from reading what you have written and what you have said is that you believe the Fed should actively seek to devalue our currency if other countries are doing that,” Toomey said. “And I think that’s a very, very dangerous path to go down.”

“This beggar thy neighbor mutual currency devaluation is not in our interest,” he added. “And it is not in the mandate of the Fed to pursue it.”

Emphasis ours

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