Washington DC – Today’s Senate Banking Committee hearing on Judy Shelton’s nomination for the Fed Board comes as a growing number of Republican senators have appropriately expressed concerns over Shelton’s fringe monetary policy views like returning to the outdated gold standard – an idea roundly panned by respected economists. Consumer watchdog group Allied Progress noted senators would be disappointed if they were hoping to find anything less disqualifying in her record. For starters: Shelton has suggested holding an international summit on monetary policy at Trump’s Mar-a-Lago golf resort, an Emoluments Clause-flouting arrangement that would once again come at U.S. taxpayers’ expense. Shelton also once exclaimed that she is “tired of the criticism… even among Republicans” that “Wall Street greed, or predatory lending” led to the financial crisis.
“Judy Shelton’s obsession with returning to the gold standard only scratches the surface of her disqualifying record. Here we have someone vying to oversee the nation’s monetary policy who’s already cooked up ways to put money directly into Trump’s pocket,” said Jeremy Funk, spokesman for Allied Progress. “This is someone who believes Wall Street and predatory lenders are totally blameless for the financial crisis that leveled the economy, a view so divorced from reality that you might expect her next sentence to be, ‘And Bernie Madoff was framed.’ But don’t take our word for it. Even late conservative economist Milton Friedman derided Shelton’s positions as riddled with errors. Make no mistake: it would be a serious unforced error for the Senate to rubberstamp Judy Shelton’s extreme nomination.”
WHAT YOU NEED TO KNOW:
Trump’s Fringe Federal Reserve Pick Judy Shelton Holds Extreme Views Beyond Her Belief In The Gold Standard
Trump’s Federal Reserve Nominee Judy Shelton Could Be “On A Glidepath” To Replace Current Chair Jerome Powell, Who Trump Has Called An “Enemy” Of The United States…
…These Are Just A Few Of The Stances And Qualifications That Judy Shelton Will Bring To The Central Bank:
In November 2009, Just A Month After Unemployment Peaked As A Result Of The Financial Crisis, Judy Shelton Argued, “I Am So Tired Of The Criticism […] Of Wall Street Greed, Or Predatory Lending” And Claimed, “We Over-Tax People, We Over-Burden With Regulatory Requirements.”
Milton Friedman, A Nobel-Winning Economist Who Himself Held Once-Fringe Views, Said Of Judy Shelton’s Work: “‘It Would Be Hard To Pack More Error Into So Few Words.’”
Judy Shelton Has Likened The Federal Reserve’s Power To Soviet Planning, Saying, “‘We Might As Well Resurrect Gosplan.’”
Judy Shelton On The Federal Reserve’s Legally-Required Responsibility To Maintain Full Employment: “‘I Don’t Know That That Is Really The Fed’s Job.’”
Former Treasury Secretary And National Economic Council Director Lawrence H. Summers Has Called Judy Shelton A “Dangerous” Appointment Who “Falls Well Below” Trump’s Other Failed Federal Reserve Picks.
Judy Shelton Has “Ditched Lots Of Supposedly Deeply Held Beliefs To Pander To The President,” Even Reversing Her Positions On Key Federal Reserve Issues.
Judy Shelton Has Suggested That Trump’s Mar-A-Lago Resort Should Host A Potentially Historic Monetary Policy Summit.