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Judy Shelton Biography

Judy Shelton is an economic advisor to President Donald Trump known for her advocacy for a return to the gold standard (which mainstream economists widely reject) and for her criticisms of the Federal Reserve. On July 2, 2019, Trump announced that he would nominate Shelton to the Fed.

Judy Shelton Husband

Shelton is married to Gilbert Shelton. Gilbert 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.

Judy Shelton Education

Shelton is a Ph.D graduate in business administration from the University of Utah  

Judy Shelton Role in national politics

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

Before joining the Trump administration, she was the director of the Sound Money Project at the Atlas Network. She has donated to conservative candidates and causes. Shelton has supported the Republican Party’s Tax Cuts and Jobs Act, the Trump administration’s deregulative agenda and the trade war with China. She was confirmed in March 2018, by the U.S. Senate as the United States director of the European Bank for Reconstruction and Development.

Judy Shelton Photo

President Donald Trump used his Twitter account to announce on July 3, 2019, 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 His previous nominees, former presidential contender Herman Cain and economic commentator Stephen Moore, had withdrawn due to lack of Senate support. Shelton is known as a critic of the Federal Reserve.

Shelton said in 2019, 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.” Mar-a-Lago is a club run by President Trump.

Judy Shelton News

Trump’s Fed pick Judy Shelton is a fan of the gold standard and other unusual economic policies

Source : cnbc.com

In tapping Judy Shelton to become one of two Federal Reserve Board governors, President Donald Trump selected one of the minority of mainstream economists supportive of a return to the gold standard and critical of central bank activity.

Shelton, who serves as the U.S. executive director at the European Bank for Reconstruction and Development, wrote as recently as last year in support of pegging the dollar to gold prices. Trump announced his intention to nominate both Shelton and St. Louis Fed economist Christopher Waller via tweet on Tuesday.

Shelton’s unorthodox monetary beliefs will likely draw questions from Senate lawmakers, who will ultimately need to approve Shelton and Waller to the Fed board.

In a post published by the libertarian think tank Cato Institute in 2018, Shelton drew a comparison between cryptocurrencies and gold. “If the appeal of cryptocurrencies is their capacity to provide a common currency, and to maintain a uniform value for every issued unit, we need only consult historical experience to ascertain that these same qualities were achieved through the classical international gold standard,” she wrote.

“In proposing a new international monetary system linked in some way to gold, America has an opportunity to secure continued prominence in global monetary affairs.”

The choice of Shelton may hint at Trump’s growing frustration with Fed leaders and the direction of the central bank’s monetary policy. Trump has argued that higher interest rates and so-called quantitative tightening have capped GDP growth and dampened the U.S. position in trade deliberations with Beijing.

Two previous Trump nominees, Stephen Moore and Herman Cain, bowed out of consideration after it became clear their confirmation process was in jeopardy. Shelton, no fan of the Fed’s, recently argued against an overly active central bank.

Questioned in a recent interview with the Wall Street Journal opinion page whether the U.S. central bank should lower rates she said, “The answer is yes.” “When you have an economy primed to grow because of reduced taxes, less regulation, dynamic energy and trade reforms, you want to ensure maximum access to capital,” she told the Journal. “The Fed’s practice of paying banks to keep money parked at the Fed in deposit accounts instead of going into the economy is unhealthy and distorting; the rate should come down quickly as the practice is phased out.”