USA: Trump renews Judy Shelton’s appointment to Fed even after rejection – 01/05/2021

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US President Donald Trump renewed the controversial appointment of economist Judy Shelton to a seat on the Federal Reserve Board (Fed, American Central Bank). In November, the Senate rejected the nomination, but a move by Republican Senate leader Mitch McConnell left the possibility of a new vote opening.

Senators from the three governing party joined all Democrats in opposition to Shelton, drawing severe criticism for defending for a return to unconventional economic positions, such as the gold standard. However, one of these lawmakers, Lamar Alexander, retired and was replaced by a Trump aide.

Thus, economists’ confirmation will depend on the second-round result in Georgia, which will define the Senate’s command Tuesday night. If the Democratic Party wins at least one seat, it is unlikely to get the necessary votes.

Shelton was nominated for the position in 2019, but faced resistance due to critical statements from the Fed. In August last year, a group of 130 economists, including seven Nobel laureates, sent a letter to Congress recommending Shelton’s rejection. And calls her opinion “extreme and careless”.

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Sarah Gracie

About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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