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Judy Shelton's Federal Reserve nomination runs into new opposition

Yahoo Finance’s Adam Shapiro and Seana Smith speak with Brian Cheung about Sen. Lamar Alexander announcing he will oppose the nomination of Judy Shelton to join the Federal Reserve Board of Governors.

Video Transcript

SEANA SMITH: Hey Brian, how about what's going on with Judy Shelton, because we just heard the news today that we have another Republican Senator opposing Trump's nomination of her to the Fed. Where does that stand in just the likelihood then, at this point, that she will be confirmed?

BRIAN CHEUNG: Well, as you mentioned, the news coming this afternoon from the "Washington Post," originally confirmed by Yahoo Finance, from Senator Lamar Alexander of Tennessee, saying he opposes the nomination of Judy Shelton because he's not as convinced that she supports the independence of the central bank, a very key tenet of how that central bank operates. That would mean that there are now three Republican senators, including Alaska's Lisa Murkowski, in addition to Utah's Mitt Romney, that oppose this.

Now the numbers work out very strangely, such that this does not mean her nomination is officially toast because there is the tiebreaker of the vice president, the president of the Senate, to break that tie. However, timing becomes very important here because as we know, there was that special Senate election in Arizona where Mark Kelly, the Democrat, will be replacing Martha McSally as early as the beginning of December. If that does happen, that could effectively sink her nomination, with one of those Republican seats flipping to blue before inauguration even happens next year.

That means that the next two weeks will be very critical. I've been hearing in Washington D.C. they're trying to push this nomination for this week, but it's unclear if this Lamar Alexander statement today does ultimately push that timeline back, which could really imperil her nomination.

ADAM SHAPIRO: And, OK, Brian Cheung. We appreciate the update. We're going to be keeping an eye on the Senate to see what actually happens with Judy Shelton.