Trump's controversial Fed pick inches closer to Senate confirmation

• Judy Shelton inched closer to Senate confirmation this week despite bipartisan scrutiny of her unconventional economic views.
• Senator Pat Toomey said late Wednesday he would support Shelton, offering her key support in the banking committee.
• Shelton, who has supported the gold standard and dismissed central bank independence, raised concerns at a congressional hearing this month.
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Judy Shelton, the former White House adviser President Donald Trump nominated to the Federal Reserve board in January, inched closer to Senate confirmation this week despite bipartisan scrutiny of her unconventional economic views.

Senator Pat Toomey said late Wednesday he would support Shelton, offering her crucial support in the committee that decides whether to recommend nominations for a full vote.

Toomey was among several key Republican senators who expressed deep concerns about Shelton at a congressional hearing in early February. But the Pennsylvania lawmaker said Shelton had since told him she would not pursue past proposals to make the dollar artificially weak against other currencies.

"She clarified to me that she will oppose using monetary policy for the purpose of devaluing the dollar," Toomey said. "It would have been imprudent and contrary to statutory authorization for the Federal Reserve to go down this path. Given her assurances, I intend to support Dr. Shelton's nomination."

It isn't clear whether Shelton will be able to win the support of two other key Republicans on the Senate Banking Committee, who have raised eyebrows at her past support of the gold standard and dismissal of central bank independence.

On Thursday, a spokesperson for Senator Richard Shelby, a senior member of the panel, said he remained undecided on her nomination.