President Donald Trump’s nominee to the
Federal Reserve touted her credentials in written
testimony Thursday and said she would “work
collegially” if approved.
Judy Shelton, a former adviser to Trump’s
campaign, said, “I hope to contribute intellectual
diversity” to the Fed’s Board of Governors.
Shelton will likely face tough questioning by the
Senate Banking Committee Thursday, which is
considering her nomination.
Shelton has come under fire from mainstream
economists and Fed watchers for her unorthodox
views, including support for tying the dollar’s
value to gold or some other reference point and
questioning the need for a fully independent
Fed. Shelton has also expressed seemingly
contradictory views on interest rate policy and
once suggested that the federal government
need not guarantee bank deposits.
In the aftermath of the Great Recession, when
the unemployment rate peaked at 10% in 2009,
Shelton opposed the Fed’s ultra-low interest rate
policy. Yet she has since echoed Trump’s support