Judy Shelton - Wikipedia

Judy Shelton is an American economic advisor to President Donald Trump.[1] She is known for her advocacy for a return to the gold standard and for her criticisms of the Federal Reserve.[2][3][4] Trump announced on July 2, 2019, that he would nominate Shelton to the Fed, and her nomination is currently pending in the Senate.[5][6][7]

Early life and education [ edit ]

Shelton attended Portland State University, where she obtained a Bachelor of Science in Education.[8] Shelton also holds a MBA and Ph.D in business administration from the University of Utah.[8][9][10]

Politics [ edit ]

She worked at the Hoover Institution from 1985 to 1995.[4] She was on Bob Dole's 1996 presidential campaign.[4] In 2016, she was on the Ben Carson presidential campaign, but joined the Trump campaign in August 2016 after writing a supportive Wall Street Journal opinion editorial about Trump.[4]

In 2012, Judy Shelton joined TheGoldStandardNow.Org as a senior advisor.[11]

Prior to joining the Trump administration, she was the director of the Sound Money Project[12] 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."[13] She has donated to conservative candidates and causes.[4]

In 2000, she advocated for open borders with Mexico.[14]

In March 2018, she was confirmed by the U.S. Senate as the United States director of the European Bank for Reconstruction and Development.[15][16] The Wall Street Journal reports that she was absent for 12 of 28 board meetings during her tenure.[17]

Views on monetary policy [ edit ]

Shelton is known as a critic of the Federal Reserve.[3][4] 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.[18] "She has called for a 0% inflation target, contradicting the bank's current 2% target.[19] She has written that a "fundamental question" of economics is "why do we need a central bank?"[20] 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.[21] Shelton describes herself as "highly skeptical" of the Federal Reserve's "nebulous" dual mandate of maximum employment and price stability. [22]

During the Obama years, she criticized the Federal Reserve's low interest rates.[23][24][25] 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.)[2][23][26] She supports the Republican Party's Tax Cuts and Jobs Act, and the Trump administration's deregulative agenda.[4] 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.[4][14]

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.[27]

Shelton is a long-time proponent of pegging the value of the dollar to gold.[28] 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."[29] Mar-a-Lago is a club run by President Trump.

Shelton supports a highly integrated financial system, including a global common currency[30] and a universal gold reserve bank.[31]

Nomination to Federal Reserve [ edit ]

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.[15][32] During the months in which Shelton was being considered for the post by Trump, she was a guest at Trump's D.C. hotel.[15]

During her February 2020 confirmation hearings, both Republicans and Democrats on the Senate Banking Committee expressed concerns about her writings and statements.[33][34][35]

Personal life [ edit ]

Shelton is married to Gilbert Shelton.[4] The Sheltons had eleven French Charolais cattle, six dogs and peacocks as of 2009.[36] Her husband is a former entrepreneurial banker in Utah, Colorado, and Hawaii who sold the businesses in the early 1980s. They have lived at Moss Neck Manor, a historic antebellum plantation house in Virginia, since 2005. The property borders Fort A.P. Hill.[36][37]

Bibliography [ edit ]

References [ edit ]

  1. ^ "Fed faces Trump glare ahead of policy shake-up". Financial Times.
  2. ^ a b "Trump's potential Fed pick Judy Shelton wants to see lower rates 'as expeditiously as possible ' ". The Washington Post. 2019.
  3. ^ 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 .
  4. ^ 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 .
  5. ^ Harrison, Paul Kiernan and David. "Christopher Waller, Judy Shelton Are Trump's Latest Picks for Fed Board". WSJ.
  6. ^ 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 .
  7. ^ Collins, Peggy (February 3, 2020). "Senate to Hold Hearing for Fed Nominees Shelton, Waller Feb. 13". Bloomberg.
  8. ^ a b "The Coming Soviet Crash". C-SPAN. February 16, 1989. Retrieved on 3 July 2019.
  9. ^ "Judy Shelton, Ph.D".
  10. ^ "Q&A with Judy Shelton". C-SPAN. November 4, 2009. Retrieved on 3 July 2019.
  11. ^ Packard, Kathleen (January 11, 2012). "Economist and Author Judy Shelton Appointed as Senior Advisor to The Gold Standard Now". PRWeb.
  12. ^ a b "This Trump Economic Advisor Wants America to Go Back to the Gold Standard". Fortune.
  13. ^ Sound Money Project Interview Series: Dr. Judy Shelton (Full Version) , retrieved February 4, 2020
  14. ^ a b "Trump Fed nominee Judy Shelton once advocated for 'open borders' with Mexico". The Washington Post. 2019.
  15. ^ 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 .
  16. ^ Smialek, Jeanna (May 21, 2019). "Trump Team Vets Fed Critic for Board Seat". The New York Times. ISSN 0362-4331 . Retrieved July 3, 2019 .
  17. ^ Kiernan, Paul (July 25, 2019). "Prospective Fed Nominee Judy Shelton Resigned From EBRD Job". Wall Street Journal.
  18. ^ 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 .
  19. ^ Heeb, Gina (June 8, 2019). "Trump's potential Federal Reserve nominee wants a 0% inflation target". Business Insider . Retrieved February 4, 2020 .
  20. ^ Shelton, Judy (March 27, 2009). "Did the Fed Cause the Housing Crisis". Wall Street Journal . Retrieved February 4, 2020 .
  21. ^ Mohsin, Saleha (November 21, 2019). "Trump's Fed Pick Judy Shelton Cast Doubt on Central Bank Independence". Bloomberg . Retrieved February 4, 2020 .
  22. ^ Condon, Christopher (May 30, 2019). "Fed Hopeful Shelton Questions Value of Bank's Dual Mandate". Bloomberg . Retrieved February 4, 2020 .
  23. ^ a b Yglesias, Matthew (June 5, 2019). "Judy Shelton's potential nomination to a Federal Reserve Board seat, explained". Vox . Retrieved July 3, 2019 .
  24. ^ Shelton, Judy (May 13, 2015). "Reckoning for the Fed". TheHill . Retrieved July 3, 2019 .
  25. ^ Shelton, Judy. "A Trans-Atlantic Revolt Against Central Bankers". WSJ . Retrieved July 3, 2019 .
  26. ^ "Trump Taps Economists for Two Key Fed Positions". Time . Retrieved July 3, 2019 .
  27. ^ Shelton, Judy (1994). Money Meltdown. Free Press. p. 305.
  28. ^ Guida, Victoria. "Trump Fed pick's push for gold troubles lawmakers". POLITICO . Retrieved July 28, 2019 .
  29. ^ "Fed candidate slams bank's 'Soviet' power over markets". Financial Times . Retrieved May 31, 2019 .
  30. ^ Shelton, Judy (July 16, 1999). "Global Markets Need Golden Rule". The Wall Street Journal . Retrieved February 4, 2020 .
  31. ^ Shelton, Judy (May 2015). "Gold and Government" (PDF) . Cato Institute . Retrieved February 4, 2020 .
  32. ^ "The Fed shouldn't be driving US economy, Trump advisor Judy Shelton says". December 7, 2016.
  33. ^ 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 .
  34. ^ Schneider, Howard; Dunsmuir, Lindsay (February 13, 2020). "Trump Fed nominee Shelton hits bipartisan skepticism in Senate hearing". Reuters . Retrieved February 22, 2020 .
  35. ^ "PN1422 — Judy Shelton — Federal Reserve System". Library of Congress. January 28, 2020 . Retrieved March 6, 2020 .
  36. ^ 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 .
  37. ^ Sidersky, Robyn (April 12, 2015). "Moss Neck Manor is a hidden gem in Caroline County". The Free Lance–Star . Retrieved July 3, 2019 .

External links [ edit ]