Ylan Mui joins 'Closing Bell' to report Senate Majority Leader Mitch McConnell has stopped the process of confirming Fed nominee Judy Shelton for now. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi Judy Shelton’s controversial nomination to the Federal Reserve suffered a possibly fatal blow Tuesday in a key procedural vote in the Senate. The upper chamber voted 50-47 against a move that would have advanced the nomination by limiting debate, typically a death knell because the opposition simply could block the vote from ever coming to the full floor. The only avenue for Shelton to get through would be if Senate Minority Leader Mitch McConnell can get at least 50 votes together. Following the vote, McConnell moved to preserve his right to bring Shelton’s name up again for consideration. In case of a 50-50 split, Vice President Mike Pence would be called on to break the tie. An effort to reconsider would be complicated by the Republicans losing a seat in the Senate when Arizona Democrat Mark Kelly takes Martha McSally’s place after the Thanksgiving holiday. That would mean a Shelton vote likely would have to take place by next week. In a strictly parliamentary move, McConnell voted against the motion to preserve bringing up the nomination again. The vote came amid fiercely partisan politics with the coronavirus pandemic also playing a role. Though it had looked as recently as last week like the GOP would have enough votes to get Shelton through, there are at least three defectors – Mitt Romney of Utah, Susan Collins of Maine and Lamar Alexander of Tennessee. On top of that, Sen. Chuck Grassley (R-Iowa) and Rick Scott (R-Florida) both are quarantining due to Covid-19 exposure. Shelton’s views on Fed independence, the gold standard and the guaranteeing of bank deposits have put her at odds with many Democratic senators and some on the Republican side. Her finance committee vote got through on strict party lines. Shelton is a former economic advisor to President Donald Trump. Among those joining the Democrats in voting down the procedural vote was Vice President-elect Kamala Harris, who for now remains a senator from California. Combined with the party divisions and the potential absences, the Democrats could have enough votes to block the Shelton nomination. Alexander also was not present. Grassley hasn’t missed a vote since 1993, the longest such streak in Senate history. » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC https://www.cnbc.com/select/best-credit-cards/ #CNBC #CNBCTV