The name Judy Shelton is cropping up in more and more business headlines of late. So who is Judy Shelton?
Shelton is an American economist and economic advisor to President Donald Trump. In 2019, Trump nominated Shelton for one of two open seats on the Federal Reserve Board.
However, her nomination is controversial, as Shelton has relatively unorthodox views on monetary policy that don't align with the views of most mainstream economists.
For example, Shelton supports a return to the gold standard. Most economists say this would be harmful to the U.S. economy. Shelton has also questioned the need for the Federal Reserve at all.
Additionally, and more recently, critics say Shelton flip-flopped on her position on interest rates after Trump took office, earlier supporting high interest rates and then advocating for lower interest rates after the 2016 election.
Shelton would fill a seat in the Fed formerly belonging to Janet Yellen.
On Tuesday, nominee Shelton and fellow nominee Christopher Waller were approved by the Senate Banking Committee for seats on the board of governors. The decision now heads to the Senate for a final confirmation.
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