As it turns out, this was not the fault of the gold standard, but counterproductive regulations that hampered the National Banking System (1863-1913, with gold redeemability beginning in 1879). by Nihal Krishan US Senate blocks confirmation of Trump Fed nominee Shelton. They have not done their homework. Judy Shelton is about to join the board of the Federal Reserve.Her appointment directly by President Trump, however, has caused quite a stir because Judy Shelton is a proud supporter of a return to the “cryptocurrency style” gold standard.. But that is not the right comparison. Among his team is economic advisor Judy Shelton (or rather, Dr. Judy Shelton). [14], Shelton was born in Los Angeles and raised in suburban San Fernando Valley. Judy Shelton, a longtime critic of the way the Federal Reserve operates and an advocate for a return to the gold standard, is one step closer to becoming a member of … https://www.nytimes.com/2020/07/22/opinion/federal-reserve-judy-shelton.html Gold standard skeptics have a tendency to commit the nirvana fallacy. And President Trump’s nominee to replace Yellen—gold standard advocate Judy Shelton—is having a difficult time getting confirmed. [15] Shelton attended Portland State University, where she earned her Bachelor of Science in business. Among those familiar with monetary and macroeconomic history, this is not a controversial claim. familiar with monetary and macroeconomic history, Privacy Policy (UPDATED) – Disclaimer – Terms of Use. [1] In 2016, she worked for the Ben Carson presidential campaign, but joined the Trump campaign in August 2016 after writing a supportive opinion editorial about Trump in The Wall Street Journal. Judy Shelton, a very good monetary economist who — like very good economists for centuries — is a fan of Stable Money, begins her Senate confirmation hearings today … She is one of five children; her father was a businessman and her mother was a homemaker. Second, banks were forced to back their notes with government bonds, which made it harder to adjust the money supply to the needs of commerce. But opting out of some of these cookies may have an effect on your browsing experience. On February 4, 2021, President Joe Biden withdrew her nomination to the Federal Reserve. {{site_title}} © {{year}}. Her nomination failed to proceed on a 47-50 vote today. Necessary cookies are absolutely essential for the website to function properly. U.S. President Donald Trump’s pro-gold Federal Reserve nominee Judy Shelton is likely to be good news for gold, supporting low interests and many QE policies, analysts told Kitco News. ... Why do Shelton and others want to return to the gold standard? Secondly, she criticized the Federal Reserve over the years, but more on that lately. Her nomination stalled on November 17, 2020, with a 47–50 vote in the Senate, and her prospects for confirmation dimmed after Democrats took control of the Senate in Janu… [8][9][10], During the Obama presidency, she advocated for a tight monetary policy, but flip-flopped on that position during Trump's presidency (when Trump advocated against a tight monetary policy). "[26] 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. [4][1] 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. Shelton is unique among the long line of economic advisors we’ve seen in past administrations, many of whom the public remain largely unaware.