Washington, December 3rd the U.S. Senate approved President Trump’s nomination of Christopher Waller, an official of the Federal Reserve Bank of St. Louis, to serve on the United States Federal Reserve Board.
The U.S. Senate approved the nomination by a narrow margin of 48 votes to 47 against that day. Waller’s term as a member of the Federal Reserve will continue until January 2030.
Waller, 61, currently serves as the executive vice president and head of the research department of the Federal Reserve Bank of St. Louis, focusing on monetary theory, political economy and macroeconomic theory.
The U.S. media believes that Waller has a “doveish” monetary policy stance, and he will support the Federal Reserve to continue to maintain ultra-low interest rate policies to promote the recovery of the U.S. economy from the recession caused by the coronavirus epidemic.
In July 2019, Trump announced the nomination of Waller and Judy Shelton, who was the economic adviser to Trump’s campaign, as directors of the Federal Reserve.
However, due to Sheldon’s long adherence to the gold standard, her monetary policy views are extremely controversial, and her personal relationship with the White House is too close to defend the independence of the Federal Reserve.
Her nomination has been strongly opposed by many economists and senators. Sheldon’s nomination was blocked in a key procedural vote in the Senate last month and failed to enter the final approval stage.
After Waller officially took office, one seat of seven members of the Federal Reserve was still vacant.