President Donald Trump reintroduced the nominations of three Federal Retirement Thrift Investment Board, Washington, nominees as well as a controversial nominee to the Federal Reserve Board of Governors.
The nominations — 30 in all — were made Sunday, the same day the 117th Congress was sworn in.
Mr. Trump once again nominated Christopher Bancroft Burnham, John M. Barger and Frank Dunlevy to the five-member Thrift board, which administers the $690.6 billion Thrift Savings Plan, the retirement system for 5.9 million federal employees and members of the uniformed services. He originally did so in May and the Senate Homeland Security and Governmental Affairs Committee in September approved the nominations, but the full Senate never took them up before the 116th congressional term expired.
Messrs. Barger, Burnham and Dunlevy were each nominated to fill seats held by board members whose terms have expired. The board currently has four members. Chairman Michael D. Kennedy stepped down in June following the nomination of Mr. Dunlevy, vice president of investment funds and counselor to the CEO of U.S. International Development Finance Corp., to replace him for a term expiring in September 2022.
If confirmed, Mr. Barger, managing director of NorthernCross Partners, an investment advisory firm, would replace David A. Jones, the board's acting chairman, for a term expiring in October 2022; and Mr. Burnham, chairman and CEO of Cambridge Global Capital, a private venture capital firm, would replace Ronald McCray for a term expiring in September 2024.
Mr. Trump also renominated Judy Shelton to the Fed board. In November, the Senate blocked her nomination in a tight vote. At the time, three Republican senators came out against her nomination, sinking its chances of passing.
During the nomination process, Ms. Shelton, the U.S. executive director of the European Bank for Reconstruction and Development who previously served as an economic adviser to Donald Trump's 2016 presidential campaign, faced tough questions about Fed independence and her past writings, among other things, advocating for a return to the gold standard and higher interest rates, positions she no longer holds.
If confirmed, Ms. Shelton would serve the remainder of a 14-year term that expires Jan. 31, 2024, a seat previously held by former Chairwoman Janet L. Yellen.
The nominations likely won't be entertained before President-elect Joe Biden takes office. The Senate will meet only once — on Wednesday to certify the Electoral College vote from November's presidential election — before inauguration day on Jan. 20.
When in office, Mr. Biden will have the authority to withdraw nominations submitted by Mr. Trump and then nominate his own candidates.
Control of the Senate hinges on two runoff elections Tuesday in Georgia. Democrats would gain control of the chamber if they win both races.
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January 04, 2021 at 11:03PM
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Trump renominates 3 to Thrift board, Shelton to Fed board - Pensions & Investments
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