Judy Shelton, a controversial nominee for the Federal Reserve’s policy-making board, was approved by the Senate Banking committee along party lines. Her nomination now moves on to the full Senate, where she is generally expected to be approved. Senate Majority Leader Mitch McConnell is likely to move the vote along quickly.

All 12 of the Democrats on the banking panel signed a letter to the committee’s chairman, Sen. Mike Crapo (R., Idaho), this month asking for a new hearing.

Shelton, an economic adviser to Mr. Trump’s 2016 presidential campaign, has been a proponent of the controversial idea of a return to the gold standard, which would limit the Fed’s ability to influence inflation and employment.

Before the coronavirus pandemic and related recession, the President regularly gave Fed Chairman Jerome Powell tongue lashings in his tweets. for keeping borrowing costs, in his view, too high. Shelton supported Trump’s calls for lower rates, after earlier criticizing the Fed for keeping rates too low during the tenure of President Barack Obama.

Next week sees a Federal Open Market Committee meeting July 28-29, but little news is expected to come forth.

Even so, Fed officials reportedly will discuss the potential for more stimulus from the central bank but i...

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