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God Help Us if Judy Shelton Joins the Fed (NYT Opinion)
By Steven Rattner
Mr. Rattner served as counselor to the Treasury secretary in the Obama administration.
July 22, 2020
Trump’s latest unqualified nominee to the Federal Reserve Board must be rejected.
Having failed in past attempts to put unqualified ideologues on the Federal Reserve Board, President Trump is giving it another try — and is closer to victory than previously.
The nominee in question — Judy Shelton, known for taking long-discredited positions on the monetary system — makes Mr. Trump’s earlier rejected choices seem almost conventional. Among other heretical stances, she has supported the abolition of the Federal Reserve itself, putting her in a position to undermine the very institution she is being nominated to serve.
“Why do we need a central bank?” Ms. Shelton asked in a Wall Street Journal essay in 2009. She wants monetary policy set by the price of gold, a long-abandoned approach that would be akin to a Supreme Court justice embracing the Code of Hammurabi.
Regrettably, after much hesitation and with evident reluctance even from Republicans, the Senate Banking Committee voted Tuesday to advance Ms. Shelton’s nomination to the full Senate. We mustn’t let her nomination become overshadowed by the many other daunting challenges we face at the moment. When her name reaches the full Senate floor, four Republicans must find the courage to join the Democrats in voting no and rebuffing her appointment.
The nominee in question — Judy Shelton, known for taking long-discredited positions on the monetary system — makes Mr. Trump’s earlier rejected choices seem almost conventional. Among other heretical stances, she has supported the abolition of the Federal Reserve itself, putting her in a position to undermine the very institution she is being nominated to serve.
“Why do we need a central bank?” Ms. Shelton asked in a Wall Street Journal essay in 2009. She wants monetary policy set by the price of gold, a long-abandoned approach that would be akin to a Supreme Court justice embracing the Code of Hammurabi.
Regrettably, after much hesitation and with evident reluctance even from Republicans, the Senate Banking Committee voted Tuesday to advance Ms. Shelton’s nomination to the full Senate. We mustn’t let her nomination become overshadowed by the many other daunting challenges we face at the moment. When her name reaches the full Senate floor, four Republicans must find the courage to join the Democrats in voting no and rebuffing her appointment.
Read more: https://www.nytimes.com/2020/07/22/opinion/federal-reserve-judy-shelton.html?action=click&module=Opinion&pgtype=Homepage
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