Monday, July 20, 2020

Judy Shelton’s Nomination to the Fed Expected to Clear Senate Banking Committee

Judy Shelton
According to Politico, Sen. John Neely Kennedy’s office says he will vote in favor of Judy Shelton’s nomination to the Federal Reserve, clearing her path to the Senate floor. All Republicans were needed for her to get past committee, he was the last hold out.

The Senate Banking Committee is set to vote Tuesday on Shelton’s nomination. It had previously appeared in jeopardy.

If she gets the committee nod, she would then only need a simple-majority vote in the full Senate for confirmation.

Shelton is often portrayed by the media as pro-gold but her thinking on the subject is much more confused and tangled than that. I don't think anyone knows what she would bring to the current mad money printing Fed. See: The Wacky Monetary Policy Thinking of Judy Shelton and Does Judy Shelton Really Want the Fed to Push Interest Rates to Zero AND a Gold Standard?

As The New York Times states:
One question that analysts are pondering is what version of Ms. Shelton will show up for work at the Fed if she gets the job: A gold standard proponent, or not? A supporter of low rates, as she has been during Mr. Trump’s administration, or an inflation hawk?
I am betting she will fall in line with the rest of the current mad money printers.

Of course, one governor is not going to make much difference but I would like to see a consistent sound money advocate on the board who would get in the habit of writing dissenting opinions against the mad printers. Shelton does not have the consistent thinking to be that person.


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