“A lot of things have been attributed to Shelton,” said Sen. Richard Shelby. “So, where is she today?”
Judy Shelton has had a decades-long affinity for the gold standard, but she’s been downplaying that since President Donald Trump nominated her to the Federal Reserve Board. She slammed low interest rates for years, but now she supports Trump’s view that rates should be cut to zero. And she has abandoned her view that the central bank shouldn’t try to cater to financial markets.
Shelby was among a number of Republican senators on the Banking Committee who signaled a willingness this week to support Shelton but suggested that she needs to clarify where she stands on those and other policy issues. These include questioning the basis for the Fed’s independence from political influence — often regarded as a pillar of the central bank’s credibility — and calling for the abolition of federal deposit insurance for banks.
While for years she slammed low interest rates for punishing savers and rewarding wealthy investors, she now supports cutting rates, which are near historic lows. And she once criticized the central bank for “appeasing financial markets” but last year said the Fed shouldn’t “pull the rug out” from investors.Sen. Mike Rounds , for one, is brushing off any concerns and said he has no objection to confirming her.
“She understands this is working,” Rounds said of current Fed policy. “She likes the direction that we’re going, and I actually had a very good discussion with her on the issues, and I did not feel that she would be out of step with the rest of the board.”
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