Illustration: Sarah Grillo/Axios

President Trump's picks to fill the Federal Reserve board, Christopher Waller and Judy Shelton, will publicly air views on the Fed's political independence in a Senate hearing on Thursday, according to released drafts of testimony.

Why it matters: Trump's nominees, particularly Shelton, an economist who has been critical of the Fed and previously served as an adviser to Trump's campaign, will face questions about their commitment to the Fed's nonpolitical economic decisions.

  • Trump has repeatedly tried to goad the Fed into lowering interest rates — flouting the tradition of the executive branch staying out of conversations about monetary policy.

What they're saying: Shelton will acknowledge the central bank's independence, while Waller, a long-time official at the Federal Reserve Bank of St. Louis, will give a bolder defense of a nonpolitical Fed.

  • Waller will reference his research "on the importance of central bank independence for the conduct of monetary policy."
  • Shelton will testify that along with the political independence "granted to the Federal Reserve comes an obligation to be wholly accountable both to Congress and to the public."

The backdrop: Shelton has "questioned the basis of the Fed's independence from the White House," as the New York Times puts it, and has advocated for a return to the gold standard.

  • Waller, a close adviser to dovish Fed member James Bullard, is considered a more traditional pick for the Fed.

What's next: Waller and Shelton will face questions from the Senate Banking Committee on Thursday morning.

Go deeper

Republicans and Dems react to Coney Barrett's Supreme Court confirmation

President Trump stands with Judge Amy Coney Barrett after she took the constitutional oath to serve as a Supreme Court justice during a White House ceremony Monday night .Photo: Tasos Katopodis/Getty Images)

President Trump said Judge Amy Coney Barrett's Senate confirmation to the Supreme Court and her subsequent taking of the constitutional oath Monday was a "momentous day," as she she vowed to serve "without any fear or favour."

  • But as Republicans applauded the third conservative justice in four years, many Democrats including Speaker Nancy Pelosi (Calif.) warned of consequences at the rush to confirm a replacement for the late Justice Ruth Bader Ginsburg ahead of the Nov. 3 election, with progressives leading calls to expand the court.
Ina Fried, author of Login
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CRISPR pioneer: "Science is on the ballot" in 2020

Photo: "Axios on HBO"

In her three decades in science, Jennifer Doudna said she has seen a gradual erosion of trust in the profession, but the recent Nobel Prize winner told "Axios on HBO" that the institution itself has been under assault from the current administration.

  • "I think science is on the ballot," Doudna said in the interview.

Why it matters: That has manifested itself in everything from how the federal government approaches climate change to the pandemic.

Ted Cruz doesn't think the Hunter Biden attacks are working

Republican Sen. Ted Cruz told "Axios on HBO" he doesn't think the Trump campaign's focus on the Biden family's business dealings are having any sway with voters.

The big picture: After watching the Trump-Biden debate with "Axios on HBO" on Thursday night, Cruz said he thought Trump had done very well. But when asked whether he thought voters were moved by the release of the Hunter Biden emails, Cruz replied, "I don't think it moves a single voter."