WASHINGTON—Senate Republicans were preparing to advance Tuesday through the final steps needed to confirm a nominee of President Trump to a seat on the Federal Reserve’s board of governors but faced a narrow path due to absences and some opposition in their ranks.

If confirmed, Judy Shelton, a critic of the central bank who is close friends with Mr. Trump’s economic adviser Lawrence Kudlow, would fill one of two vacancies, with a term that runs through January 2024.

The…

This post first appeared on wsj.com

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