As an outside critic of the Federal Reserve, conservative economist Judy Shelton...
WASHINGTON - As an outside critic of the Federal Reserve, conservative economist Judy Shelton has slammed the central bank’s massive $4.2 trillion balance sheet as distorting financial markets and “largely benefiting people who have hefty stock-market portfolios.”
When she appears at a Senate confirmation hearing on Thursday, Shelton may face a tough grilling on issues from financial regulation - her PhD thesis suggests bank deposit insurance isn’t in theory necessary in free capital markets - to whether she supports the gold standard. Ed al-Hussainy, a senior analyst at Columbia Threadneedle Investments, predicted Shelton’s calls for the Fed to scrap its current method of managing interest rates and move to a smaller balance sheet would fade if she gets the job. “That line of thinking will evaporate,” he said.
Both have doctorates, Shelton’s in business administration from the University of Utah and Waller’s in economics from Washington State University. Shelton has been a fixture of the conservative think tank and advocacy world, including a decade at the Hoover Institution, while Waller has been in academia and at the St. Louis Fed since 2009.
But it’s unclear what alternative Shelton could offer that wouldn’t risk roiling financial markets were trillions of dollars to be drained from the system.
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