Update (0930ET): The hearing got off to a fairly predictable start. First, ranking member Sherrod Brown laid into Judy Shelton, accusing her of being a reckless gold bug who wanted to send the American economy back to the late 19th century.
Unsurprisingly, Shelton responded by insisting that she wouldn't advocate for a return to the gold standard.
"I think it's important to acknowledge that the mandate of monitoring the money supply was given to Congress...and Congress created the Federal Reserve. I think you can gain valuable insights by comparing one monetary system to another. I only use that to get perspective on money."
She also side-stepped a question about her thoughts on Trump's criticisms of Powell, saying the president can say what he wants, and that it was "refreshing" to hear him express his honest opinion.
Asked about whether they would be independent decision makers and not cave to presidential pressure, both Waller and Shelton responded that they would be independent. "Nobody tells me what to do," Shelton said.
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President Trump's push to reshape the Fed board of governors is facing a critical test on Thursday.
Trump's latest picks to serve on the Fed board of governors are appearing before the Senate Banking Committee Thursday for the first (and hopefully not the last) round of confirmation hearings.
Judy Shelton is Trump's most controversial choice to join the central bank’s seven-member board, but she isn't the only one appearing before the committee today: Dr. Christopher Waller will also appear, but his candidacy is widely expected to succeed.
Earlier this week, Mitt Romney - the most annoying rock in Trump's shoe - said he was leaning toward opposing Shelton. Republican senators put a stop to Trump's last two nominees, Herman Cain and Stephen Moore. Note: Romney is not on the Senate Banking Committee, and won't be in attendance during Thursday's hearing.
Watch the hearing live below. It's expected to begin at 9 am:
Read Shelton's prepared testimony below:
And Waller's testimony:
It should be an interesting hearing.