Delay the Vote on Judy Shelton’s Fed Nomination
The last thing the central bank needs is more politics.
Not the right candidate right now.
Photographer: Andrew Harrer/Bloomberg
Judy Shelton’s nomination to the Federal Reserve Board of Governors has always been controversial, and now that it has been approved by the Senate Banking Committee, the potential for both political and financial disruption is high. That’s why the full Senate should delay any decision on her nomination until 2021.
It’s not because Shelton’s views on monetary policy are out of step with the times. It’s that she has recently shifted those views — quite dramatically — to be more in line with those of President Donald Trump, raising questions as to what type of monetary policy she would pursue if he were not re-elected. Just as disconcerting, her confirmation would open the door for increasingly heterodox appointments at the very moment when the Fed needs to fight hard to avoid mission creep.