Karl W. Smith, Columnist

Judy Shelton on the Fed? Still a Bad Idea

If Republicans confirm her now, it will be hard to stop the politicization of the central bank.

November 16, 2020 at 10:30 AM UTC

Karl W. Smith is a Bloomberg Opinion columnist. Previously, he was vice president for federal policy at the Tax Foundation and assistant professor of economics at the University of North Carolina.

Why now?
Photographer: Andrew Harrer/Bloomberg

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President Donald Trump nominated Judy Shelton for the Federal Reserve Board of Governors in July 2019, and in the intervening year and a half the full Senate has wisely declined to act on her nomination — until now. Majority Leader Mitch McConnell announced last week that the Senate would take up her nomination as early as this week.

It would be better simply to let her nomination expire. But if Senate Republicans insist on a vote, they should beware: Approving Shelton could set off an arms race of monetary malfeasance.