It created the looks that she was a partisan actor who, fairly than apply a constant philosophy to attempt to make the American economic system as
It created the looks that she was a partisan actor who, fairly than apply a constant philosophy to attempt to make the American economic system as wholesome as it may be, would pivot on a dime to attempt to strengthen the economic system throughout a Republican administration and sluggish it in a Democratic one.
On Tuesday, in a dramatic second, with Senator Kamala Harris (now additionally the vice president- elect) racing to Washington and two Republican senators rendered unavailable for coronavirus-related causes, Ms. Shelton fell simply wanting the votes wanted to place her on observe to affix the Fed’s board of governors.
There isn’t any trendy precedent for a president to attempt to fill Fed governor seats whereas a lame duck, and if confirmed Ms. Shelton can be the primary Fed governor to take workplace with out affirmation votes from the alternative get together. (The Senate nonetheless has time to substantiate her, however the math is tenuous.)
To Democrats, the last-ditch effort to substantiate Ms. Shelton implied not solely that Mr. Biden would have one much less necessary financial coverage appointment to make, but in addition that he might need to take care of a policymaker looking for to undermine his administration from throughout the central financial institution. (Mr. Trump has additionally nominated a second Fed governor, Christopher Waller, who might be confirmed earlier than Mr. Biden takes workplace — although he falls extra squarely within the custom of Fed governors with technocratic independence, and has attracted some Democratic assist.)
Solely a dozen years in the past, take into account what occurred through the transition from George W. Bush to President Obama. The economic system was within the worst part of the worldwide monetary disaster, and President Bush had secured a $700 billion monetary rescue bundle from Congress simply earlier than the election.
That financial institution rescue, generally known as the Troubled Asset Reduction Program, was divided into two $350 billion tranches, with the president required to ask Congress for the second tranche to acquire it. Not solely did President Bush not attempt to block the Obama crew from gaining access to the bailout cash upon taking workplace, however at Mr. Obama’s request he additionally took the politically unpopular step of requesting the second tranche in January 2009, days earlier than Mr. Obama was inaugurated.
That step helped maintain a bipartisan gloss on the monetary rescue, gave the Obama administration entry to the funds sooner fairly than later, and enabled Mr. Obama to take workplace with out making one in every of his first actions the politically poisonous act of asking for extra financial institution bailout cash.