EDITOR NOTE: Among some of the stranger things that President Trump is trying to accomplish in the last days of his presidential tenure--which includes pardoning many convicted felons who have rightly been incarcerated--he’s going for a last-ditch effort, and a shining one at that, toward setting straight the Federal Reserve: he’s nominating Judy Shelton one last time for inclusion into the Fed’s board of governors. Her nomination has been derailed before, and even if conservatives maintain control over the Senate, there’s no guarantee that a majority would back her. This resistance shows just how insidious Keynesian philosophy has become--the ability of imposing “hidden taxes” (money creation) on citizens over the values of supporting American wealth on a platform of sound money. Judy Shelton would be the lone voice in support of “real” money values. Unlike other competitive nations across the globe, the US Congress doesn’t get it. And for that, those among us who’re not invested in sound money are likely to suffer the consequences.
The Trump administration again nominated Judy Shelton to be a member of the board of governors of the Federal Reserve, almost two months after previous efforts to hold a Senate vote on the matter were derailed.
Shelton’s nomination was among 30 submitted to the Senate by the White House on Sunday for consideration in a move that’s standard when a new Congress is sworn in.
Other names sent by the White House included Robert Bowes to be a commissioner of the Commodity Futures Trading Commission and Brian Brooks to be Comptroller of the Currency. Both were also nominated in the previous Congress.
It’s unclear when the Senate would vote on Shelton matter given that committees’ work may be held up until the outcome of Georgia’s two Senate races on Tuesday is known. Congress will meet Wednesday to certify the results of the presidential election, and the Senate won’t sit again before Jan. 20, when President-elect Joe Biden takes office.
Even if Republicans maintain their Senate majority after the Georgia elections, Majority Leader Mitch McConnell may never get the votes he needs on Shelton without some unexpected absences by senators who oppose her.
Shelton’s chances for confirmation have been dwindling since Senate Democrats, united in their opposition, were joined by three Republicans to block the action Nov. 17. One of those Republicans, Senator Lamar Alexander of Tennessee, has retired from Congress, though.
A former informal adviser to President Donald Trump, Shelton was long known for her advocacy of a return to the gold standard, ultra-hawkish views on inflation, and opposition to federal deposit insurance. She provoked further controversy by abandoning those positions and calling for interest-rate cuts to align herself with Trump once she emerged as a candidate for a Fed post.
Four of Trump’s picks have been added to the seven-member Fed board during his term, the most recent being Christopher Waller, former research director at the St. Louis Fed, in December.
Originally posted on Bloomberg