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Judy Shelton is a prominent economist and vocal advocate for "sound money" who served as an economic advisor to President Donald Trump. As a contributor to The Heritage Foundation's Project 2025, her proposals aim to enact a massive overhaul of the Federal Reserve. [1, 2, 3, 4]

Monetary Philosophy and Project 2025 Contributions

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https://www.alternet.org/2020/11/trump-fed/

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In the financial world, there has been much discussion over the nomination of Judy Shelton — a former campaign adviser for President Donald Trump — for the board of the U.S. Federal Reserve. Shelton is likely to be confirmed by the U.S. Senate, where Republican senators are still terrified of offending Trump even though he lost the 2020 presidential election to Democratic nominee Joe Biden. And according to Washington Post columnist Catherine Rampell, Shelton's likely confirmation is a travesty.

"The Senate is expected to vote as soon as this week on Trump's nomination of Judy Shelton to the Fed," Rampell explains. "Simply put, Shelton is a demonstrably unqualified partisan quack who has no business working at the world's most powerful central bank. Her nomination has been condemned by hundreds of economists and Fed alumni, including prominent Republicans and at least seven Nobel laureates. The senators poised to confirm her appear to know she is unfit; ahead of February hearings, a former Republican Senate Banking Committee aide said that 'the idea of even calling her as a witness for something was beyond the pale' not long ago."

rampell cites someexamples of why many economists consider Shelton a "quack," including "her multi-decade effort to bring back the gold standard" — which, Rampell notes, "might be popular among the right-wing fringe, but it was abandoned worldwide long ago and remains almost unanimously rejected by economists. For good reasons, including that gold prices are volatile. Linking the dollar to gold can also restrict liquidity when the economy needs it most — as happened during the Great Depression."

On top of that, Rampell adds, Shelton has "questioned whether the Fed should even exist."

shelton's nomination, Rampell argues, is based on political considerations — not real economic policy.

"Another pending Fed nominee, Christopher Waller, is qualified for the job and still hasn't gotten a vote," Rampell observes. "Yet somehow, Shelton is getting jammed through ahead of him. One possible explanation: a desire to salt the earth for incoming President-elect Joe Biden."

Rampell concludes her column by arguing that perhaps Republicans want Shelton on the Federal Reserve board in order to hurt the incoming Biden Administration on economic policy.

The Post columnist warns, "Shelton's confirmation could represent a point of no return for corrupting the mission and functionality of the Fed, and destroying whatever bipartisan resolve remained to not tank the economy for political gain…. I hope I'm wrong — both that Shelton is about to be approved and that her confirmation would escalate efforts to sabotage the job market or price stability while the other party is in power. But if I'm right, a dark new economic era looms."

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https://en.wikipedia.org/wiki/Judy_Shelton

Judy Lynn Shelton is an American economic advisor to President Donald Trump.[2] She is known for her advocacy for a return to the gold standard and for her criticisms of the Federal Reserve (which she has compared to the Soviet Union's economic planning).[3][4][5][6] Trump announced on July 2, 2019, that he would nominate Shelton to the Fed, and her nomination is currently pending in the Senate.[7][8][9]

During the Obama presidency, she advocated for a tight monetary policy, but flip-flopped on that position during Trump's presidency (when Trump advocated against a tight monetary policy).[10][11]^ Her nomination was held up in the Senate, as senators on both sides of the aisle were skeptical of her.[11]^ However, shortly after Joe Biden won the presidential election, Senate Republicans appeared to move ahead to confirm her.[11] More than 100 economists, including seven Nobel laureates, signed a letter opposing her confirmation, saying her views were "extreme and ill-considered."[12]

Early life and education

Shelton was born in Los Angeles and raised in suburban San Fernando Valley. She is one of five children; her father was a businessman and her mother was a homemaker.[13] Shelton attended Portland State University, where she earned her Bachelor of Science in Education.[14] Shelton earned her MBA and PhD in business administration from the University of Utah.[14][15][16]

Politics

She worked at the Hoover Institution from 1985 to 1995.[6] She worked on Bob Dole's 1996 presidential campaign.[6] In 2016, she worked for the Ben Carson presidential campaign, but joined the Trump campaign in August 2016 after writing a supportive opinion editorial about Trump in The Wall Street Journal.[6]

In 2012, Judy Shelton joined TheGoldStandardNow.Org as a senior advisor.[17]

Before joining the Trump administration, she was the director of the Sound Money Project[18] at the Atlas Network. In a video interview with The Atlas Network, she described currency counterfeiter Bernard von NotHaus as "the Rosa Parks of monetary policy."[19] She has donated to conservative candidates and causes.[6]

In March 2018, she was confirmed by the U.S. Senate as the United States director of the European Bank for Reconstruction and Development.[20][21] The Wall Street Journal reported that she was absent for 12 of 28 board meetings during her tenure.[22]

Views on monetary policy

Shelton is known as a critic of the Federal Reserve.[5][6] She said in 2011 that the Federal Reserve is "almost a rogue agency," and asked whether it could be trusted in having oversight of the dollar.[23] "She has called for a 0% inflation target, contradicting the bank's current 2% target.[24] She has written that a "fundamental question" of economics is "why do we need a central bank?"[25] Shelton has criticized the Federal Reserve's longstanding policy of independence from the White House, saying in 2019 interview that she saw "no reference to independence" in the Fed's authorizing legislation.[26] Shelton describes herself as "highly skeptical" of the Federal Reserve's "nebulous" dual mandate of maximum employment and price stability. [27]

During the Obama years, she criticized the Federal Reserve's low interest rates.[28][29][30] During the Trump presidency, she advocated for the Federal Reserve to adopt lower interest rates as a form of economic stimulus. (Trump frequently criticized the Federal Reserve for not lowering interest rates.)[4][28][31] She supports the Republican Party's Tax Cuts and Jobs Act, and the Trump administration's deregulative agenda.[6] Before Trump became president, she was a longtime advocate for free trade, but after he became president, she supported his administration's trade war with China.[6][32]

Shelton opposes federal deposit insurance. In her 1994 book "Money Meltdown," she writes that "Eliminating federal deposit insurance would restore the essential character of banking as a vehicle for channeling financial capital into productive investment while striving to meet the risk and timing preference of depositors."[33]

Shelton is a long-time proponent of pegging the value of the dollar to gold.[34] In 2019, she said that she hoped for a new Bretton Woods-style conference where countries would agree to return to the gold standard, saying, "If it takes place at Mar-a-Lago that would be great."[35] Mar-a-Lago is a club run by President Trump.

Shelton supports a highly integrated financial system, including a global common currency and a universal gold reserve bank.[36][37] In 2000, she advocated for open borders with Mexico,[32] and said that "even better would be a global common market with a single worldwide currency."[38] She has favored virtual currencies that compete against the U.S. dollar.[38]

Nomination to Federal Reserve

On July 3, 2019, President Donald Trump used his Twitter account to announce his intention to nominate Shelton and a regional Fed official, Christopher Waller, to the Federal Reserve board. His previous nominees, former presidential contender Herman Cain and economic commentator Stephen Moore, had withdrawn for lack of Senate support.[20][39] During the months in which Shelton was being considered for the post by Trump, she was a guest at the Trump International Hotel, Washington, D.C..[20]

During her February 2020 confirmation hearings, both Republicans and Democrats on the Senate Banking Committee expressed concerns about her writings and statements.[40][41][42] On July 21, 2020, a 13–12 vote along party lines advanced Shelton's nomination to the full Senate.[43] On September 15, 2020, Senator John Thune, Republican Whip, announced that Shelton would not be brought up for a vote until she had the 51 votes required to confirm her to the Federal Reserve.[44]

In August 2020, 130 economists, including seven with Nobel prizes, recommended the Senate reject her nomination,asserting she was unfit because her views were "extreme and ill-considered" and the Fed needed to maintain its "nonpartisan approach."[45] Seventy-eight former Federal Reserve economists, attorneys and bank presidents also signed the letter.[46][47]

On November 12, 2020, Alaska Senator Lisa Murkowski voiced her support for Shelton's nomination.

On November 16, 2020, Sen. Lamar Alexander (R-Tenn.) said he would not support the nomination of Judy Shelton to the Federal Reserve’s board of governors.[48]

Personal life

Shelton is married to Gilbert Shelton.[6] The Sheltons had eleven French Charolais cattle, six dogs and peacocks as of 2009.[49] Her husband is a former entrepreneurial banker in Utah, Colorado, and Hawaii who sold his businesses in the early-1980s.They have lived at Moss Neck Manor, a historic antebellum plantation house in Rappahannock Academy, Virginia, since 2005. The property borders Fort A.P. Hill.[49][50]

Bibliography

References

  1.  Smialek, Jeanna (May 5, 2019). "Trump Team Vets Fed Critic for Board Seat". The New York Times. Retrieved November 12, 2020.
  2.  "Fed faces Trump glare ahead of policy shake-up". Financial Times.
  3.  "Subscribe to read | Financial Times". www.ft.com. Retrieved November 13,2020.
  4. ^ ^Jump up to:^a^ ^b^ "Trump's potential Fed pick Judy Shelton wants to see lower rates 'as expeditiously as possible'". The Washington Post. 2019.
  5. ^ ^Jump up to:^a^ ^b^ GmbH, finanzen net (May 22, 2019). "Trump's potential Fed pick is a critic of the central bank and supports near-zero interest rates | Markets Insider". markets.businessinsider.com. Retrieved May 31, 2019.
  6. ^ ^Jump up to:^a^ ^b^ ^c^ ^d^ ^e^ ^f^ ^g^ ^h^ ^i^ Smialek, Jeanna (May 21, 2019). "Trump Team Vets Fed Critic for Board Seat". The New York Times. ISSN 0362-4331. Retrieved May 31, 2019.
  7.  Harrison, Paul Kiernan and David. "Christopher Waller, Judy Shelton Are Trump's Latest Picks for Fed Board". WSJ.
  8.  Long, Heather (November 21, 2019). "Trump's Fed nominee Judy Shelton recently questioned the need for an independent central bank". Washington Post. Retrieved December 28, 2019.
  9.  Collins, Peggy (February 3, 2020). "Senate to Hold Hearing for Fed Nominees Shelton, Waller Feb. 13". Bloomberg.
  10.  "Senate Takes First Step to Vote on Shelton Confirmation to Fed". Bloomberg.com. November 12, 2020. Retrieved November 12, 2020.
  11. ^ ^Jump up to:^a^ ^b^ ^c^ Brown, Courtenay. "Controversial Trump Fed board pick Judy Shelton gets closer to confirmation". Axios. Retrieved November 13, 2020.
  12.  Murphy, Mike. "Economists, including 7 Nobel winners, urge Senate to reject Judy Shelton's Fed nomination". MarketWatch. Retrieved November 13, 2020.
  13.  "Q&A with Judy Shelton | C-SPAN.org". www.c-span.org. Retrieved July 27,2020.
  14. ^ ^Jump up to:^a^ ^b^ "The Coming Soviet Crash". C-SPAN. February 16, 1989. Retrieved on 3 July 2019.
  15.  "Judy Shelton, Ph.D".
  16.  "Q&A with Judy Shelton". C-SPAN. November 4, 2009. Retrieved on 3 July 2019.
  17.  Packard, Kathleen (January 11, 2012). "Economist and Author Judy Shelton Appointed as Senior Advisor to The Gold Standard Now". PRWeb.
  18. ^ ^Jump up to:^a^ ^b^ "This Trump Economic Advisor Wants America to Go Back to the Gold Standard". Fortune.
  19. *Sound Money Project Interview Series: Dr. Judy Shelton (Full Version)*, retrieved February 4, 2020
  20. ^ ^Jump up to:^a^ ^b^ ^c^ Smialek, Jeanna (July 2, 2019). "Trump Taps Two Fed Nominees, One Conventional, the Other Not". The New York Times. ISSN 0362-4331. Retrieved July 3, 2019.
  21.  Smialek, Jeanna (May 21, 2019). "Trump Team Vets Fed Critic for Board Seat". The New York Times. ISSN 0362-4331. Retrieved July 3, 2019.
  22.  Kiernan, Paul (July 25, 2019). "Prospective Fed Nominee Judy Shelton Resigned From EBRD Job". Wall Street Journal.
  23.  Andrew Kaczynski; Em Steck. "Trump's Fed pick Judy Shelton called the central bank 'almost a rogue agency' in 2011". CNN. Retrieved February 23, 2020.
  24.  Heeb, Gina (June 8, 2019). "Trump's potential Federal Reserve nominee wants a 0% inflation target". Business Insider. Retrieved February 4, 2020.
  25.  Shelton, Judy (March 27, 2009). "Did the Fed Cause the Housing Crisis". Wall Street Journal. Retrieved February 4, 2020.
  26.  Mohsin, Saleha (November 21, 2019). "Trump's Fed Pick Judy Shelton Cast Doubt on Central Bank Independence". Bloomberg. Retrieved February 4, 2020.
  27.  Condon, Christopher (May 30, 2019). "Fed Hopeful Shelton Questions Value of Bank's Dual Mandate". Bloomberg. Retrieved February 4, 2020.
  28. ^ ^Jump up to:^a^ ^b^ Yglesias, Matthew (June 5, 2019). "Judy Shelton's potential nomination to a Federal Reserve Board seat, explained". Vox. Retrieved July 3, 2019.
  29.  Shelton, Judy (May 13, 2015). "Reckoning for the Fed". TheHill. Retrieved July 3, 2019.
  30.  Shelton, Judy. "A Trans-Atlantic Revolt Against Central Bankers". WSJ. Retrieved July 3, 2019.
  31.  "Trump Taps Economists for Two Key Fed Positions". Time. Retrieved July 3,2019.
  32. ^ ^Jump up to:^a^ ^b^ "Trump Fed nominee Judy Shelton once advocated for 'open borders' with Mexico". The Washington Post. 2019.
  33.  Shelton, Judy (1994). Money Meltdown. Free Press. p. 305.
  34.  Guida, Victoria. "Trump Fed pick's push for gold troubles lawmakers". POLITICO. Retrieved July 28, 2019.
  35.  "Fed candidate slams bank's 'Soviet' power over markets". Financial Times. Retrieved May 31, 2019.
  36.  Shelton, Judy (May 2015). "Gold and Government" (PDF). Cato Institute. Retrieved February 4, 2020.
  37.  Shelton, Judy (July 16, 1999). "Global Markets Need Golden Rule". The Wall Street Journal. Retrieved February 4, 2020.
  38. ^ ^Jump up to:^a^ ^b^ Long, Heather (February 12, 2020). "10 of Trump Fed nominee Judy Shelton's most controversial quotes". The Washington Post.
  39.  "The Fed shouldn't be driving US economy, Trump advisor Judy Shelton says". December 7, 2016.
  40.  Timiraos, Nick; Chaney, Sarah (February 14, 2020). "Path to Confirmation Dims for Fed Nominee After Republican Objections". The Wall Street Journal. Retrieved February 17, 2020.
  41.  Schneider, Howard; Dunsmuir, Lindsay (February 13, 2020). "Trump Fed nominee Shelton hits bipartisan skepticism in Senate hearing". Reuters. Retrieved February 22, 2020.
  42.  "PN1422 — Judy Shelton — Federal Reserve System". Library of Congress. January 28, 2020. Retrieved March 6, 2020.
  43.  "Senate banking committee approves controversial nominee Judy Shelton for Federal Reserve board". NBC News. Retrieved July 21, 2020.
  44.  Tappe, Anneken; Mattingly, Phil; Barrett, Ted. "Trump's Fed pick doesn't have the votes". CNN. Retrieved September 15, 2020.
  45.  Murphy, Mike. "Economists, including 7 Nobel winners, urge Senate to reject Judy Shelton's Fed nomination". MarketWatch.
  46.  Marte, Jonnelle (August 21, 2020). "Former Fed staffers urge U.S. Senate to reject Shelton nomination" – via www.reuters.com.
  47.  Issues, Federal Reserve System (August 20, 2020). "Fed Alumni Urge Senate Rejection of Fed Nominee Shelton". Medium.
  48.  https://www.washingtonpost.com/business/2020/11/16/shelton-fed-senate-republicans/
  49. ^ ^Jump up to:^a^ ^b^ Freehling, Bill (November 14, 2009). "A worldview as seen from Moss Neck". The Free Lance–Star. Fredericksburg, Virginia: BH Media. Retrieved July 2, 2019.
  50.  Sidersky, Robyn (April 12, 2015). "Moss Neck Manor is a hidden gem in Caroline County". The Free Lance–Star. Retrieved July 3, 2019.

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