In this report, we assess today’s Senate Banking hearing on the nominations of Judy Shelton and Christopher Waller for the FRB.  At this point, Ms. Shelton’s confirmation appears highly uncertain due not just to the united Democratic opposition we anticipated, but the considerable qualms Republicans evidenced as Ms. Shelton struggled with several of their questions.  Although Chairman Crapo (R-ID) is supportive, it remains to be seen if he will force a vote unless or until he is assured of support from all of his GOP colleagues.  Even then, floor consideration is uncertain unless Majority Leader McConnell (R-KY) decides to whip the confirmation to satisfy the President.  Mr. Waller’s confirmation is, as noted, a shoe-in based on today’s session, but it also remains to be seen if the procedural hurdles confronting Ms. Shelton will scotch his chances.

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