On February 13, the US Senate will begin scrutinising Federal Reserve insider Christopher Waller and controversial outsider Judy Shelton for their capacity to sit on the central bank’s board of governors.

Senators will be unpacking their credentials, questioning their judgement and examining any public comments – or gaffes – they may have made. But what could the two newcomers mean for Fed policy decisions and governance, and how likely are they to be appointed?

If the pair do receive the