Senate committee clears Shelton, Waller for Fed positions

• Judy Shelton, President Trump's controversial pick to join the Fed's Board of Governors, is poised to clear a key confirmation hurdle today after Louisiana Senator John Kennedy said he'd vote in her favor.
• The Senate Banking Committee will also decide on the nomination of Christopher Waller, director of research at the St. Louis Fed, which is expected to easily pass muster.
• Shelton has a long history of unorthodox economic commentary, like questioning the basic role of the Fed, calling for near-zero interest rates and advocating a return to the gold standard.
• If Shelton and Waller are cleared, the nomination advances to a full Senate vote.
• Update: Shelton was approved on a party-line 13-12 vote, while Waller's vote was 18-7.