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Judy Shelton

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Judy Shelton
Personal details
Political partyRepublican
EducationPortland State University (BS)
University of Utah (MBA, PhD)

Dr. Judy Shelton is an American Economist specializing in global finance and monetary issues; she currently serves as the Senate-confirmed U.S. executive director at the European Bank for Reconstruction and Development,[1] and former Chairperson of the National Endowment for Democracy.[2] She has testified as an expert before both the House and Senate Banking and Foreign Relations committees, as well as the Joint Economic Committee. Dr. Shelton served as an informal economic advisor to President Donald Trump's 2016 campaign.[3] Dr. Shelton is known for her advocacy in developing a new international gold standard to stabilize foreign currency exchanges and defeat political currency manipulation,[4] and for her criticisms of the Federal Reserve.[5][6][7] Shelton said the current method of paying interest on excess reserves — or extra money that banks store at the Fed — incentivizes holding funds over lending them. Dr. Shelton wrote: "No other government institution had more influence over the creation of money and credit in the lead-up to the devastating 2008 global meltdown... [a]nd the Fed's response to the meltdown may have exacerbated the damage by lowering the incentive for banks to fund private-sector growth." Dr. Shelton previously worked for the Sound Money Project, which was founded to promote awareness about monetary stability and financial privacy.[8] President Trump announced on July 2, 2019, that he would nominate Shelton to fill a vacancy at the Fed.[9]

Early life and education

Shelton attended Portland State University, where she obtained a Bachelor of Science in Education.[10] Dr. Shelton also holds a MBA and Ph.D. in Business Administration with an emphasis on finance and international economics from the University of Utah.[2][10][11][12]

Dr. Shelton received a postdoctoral fellowship from the Hoover Institution at Stanford University as a National Fellow; she was named as a Hoover scholar and subsequently appointed Senior Research Fellow (1985-1995).[2][7]

Shelton is the author of The Coming Soviet Crash: Gorbachev’s Desperate Pursuit of Credit in Western Financial Markets (1989) and Money Meltdown: Restoring Order to the Global Currency System (1994). Her opinion pieces appear in The Wall Street Journal, Financial Times, The Hill, The Weekly Standard and the Cato Journal.[2]   

Politics

Dr. Shelton has been criticized by the Editorial Board of the Washington Post for her involvement in political with both Bob Dole’s 1996 presidential campaign[7] and Dr. Ben Carson's presidential campaign.[13] Dr. Shelton joined the Trump campaign in August 2016 after writing a supportive Wall Street Journal editorial about the candidate.[7]

Prior to joining the Trump administration, she was the director of the Sound Money Project[14] at the Atlas Network. She has donated to conservative candidates and causes.[7]

In 2000, she advocated for open borders with Mexico.[15]

During the Obama years, she criticized the Federal Reserve’s low interest rates.[16][17][18] During the Trump presidency, she advocated for the Federal Reserve to adopt lower interest rates as a form of economic stimulus. (Trump frequently criticized the Federal Reserve for not lowering interest rates.)[16][19][5] She supports the Republican Party's Tax Cuts and Jobs Act, and the Trump administration's deregulative agenda.[7] Before Trump became president, she was a longtime advocate for free trade, but after he became president, she supported his administration's trade war with China.[7][15]

In March 2018, she was confirmed by the U.S. Senate as the United States director of the European Bank for Reconstruction and Development.[20][21]

On July 3, 2019, President Donald Trump used his Twitter account to announce his intention to nominate Shelton and a regional Fed official, Christopher Waller, to the Federal Reserve board. His previous nominees, former presidential contender Herman Cain and economic commentator Stephen Moore, had withdrawn for lack of Senate support.[22][20] During the months in which Shelton was being considered for the post by Trump, she was a guest at Trump's D.C. hotel.[23]

Shelton is a long-time proponent of tying the value of the dollar to gold.[24] Mainstream economists reject that the gold standard would benefit the US economy and the average American.[24] In 2019, she said that she hoped for a new Bretton Woods-style conference where countries would agree to return to the gold standard, saying, "If it takes place at Mar-a-Lago that would be great."[25] Mar-a-Lago is a club run by President Trump.

Personal life

Shelton is married to Gilbert Shelton.[7] The Sheltons had eleven French Charolais cattle, six dogs and peacocks as of 2009.[26] Her husband is a former entrepreneurial banker in Utah, Colorado, and Hawaii who sold the businesses in the early 1980s. They have lived at Moss Neck Manor, a historic antebellum plantation house in Virginia, since 2005. The property borders Fort A.P. Hill.[26][27]

Bibliography

  • Judy Shelton (24 November 2009). Money Meltdown. Simon and Schuster. ISBN 978-1-4391-8846-0.
  • Judy Shelton (1989). The coming Soviet crash: Gorbachev's desperate pursuit of credit in Western financial markets. “The” Free Press. ISBN 978-0-02-928581-7.[14]

References

  1. ^ Franck, Thomas (2019-07-03). "Trump's Fed pick Judy Shelton is a fan of the gold standard and other unusual economic policies". CNBC. Retrieved 2019-08-27.
  2. ^ a b c d "DR. JUDY SHELTON (CHAIRMAN) – NATIONAL ENDOWMENT FOR DEMOCRACY". www.ned.org. Retrieved 2019-08-27.
  3. ^ "Fed faces Trump glare ahead of policy shake-up". Financial Times.
  4. ^ Shelton, Judy (2018-04-30). "Cato Journal: The Case for a New International Monetary System". Cato Institute. Retrieved 2019-08-28.
  5. ^ a b "Trump's potential Fed pick Judy Shelton wants to see lower rates 'as expeditiously as possible'". The Washington Post. 2019.
  6. ^ GmbH, finanzen net (2019-05-22). "Trump's potential Fed pick is a critic of the central bank and supports near-zero interest rates | Markets Insider". markets.businessinsider.com. Retrieved 2019-05-31.
  7. ^ a b c d e f g h Smialek, Jeanna (2019-05-21). "Trump Team Vets Fed Critic for Board Seat". The New York Times. ISSN 0362-4331. Retrieved 2019-05-31.
  8. ^ "Two Fed nominees likely to support Trump push for easier rate policy". American Banker. Retrieved 2019-08-28.
  9. ^ Harrison, Paul Kiernan and David. "Christopher Waller, Judy Shelton Are Trump's Latest Picks for Fed Board". WSJ.
  10. ^ a b "The Coming Soviet Crash". C-SPAN. February 16, 1989. Retrieved on 3 July 2019.
  11. ^ "Judy Shelton, Ph.D".
  12. ^ "Q&A with Judy Shelton". C-SPAN. November 4, 2009. Retrieved on 3 July 2019.
  13. ^ The Editorial Board (July 6, 2019). [www.washingtonpost.com "One of Trump's latest Fed board nominees has a questionable track record — in politics"]. Washington Post. Retrieved August 27, 2019. {{cite web}}: Check |url= value (help); Cite has empty unknown parameter: |dead-url= (help)
  14. ^ a b "This Trump Economic Advisor Wants America to Go Back to the Gold Standard". Fortune.
  15. ^ a b "Trump Fed nominee Judy Shelton once advocated for 'open borders' with Mexico". The Washington Post. 2019.
  16. ^ a b Yglesias, Matthew (2019-06-05). "Judy Shelton's potential nomination to a Federal Reserve Board seat, explained". Vox. Retrieved 2019-07-03.
  17. ^ Shelton, Judy (2015-05-13). "Reckoning for the Fed". TheHill. Retrieved 2019-07-03.
  18. ^ Shelton, Judy. "A Trans-Atlantic Revolt Against Central Bankers". WSJ. Retrieved 2019-07-03.
  19. ^ "Trump Taps Economists for Two Key Fed Positions". Time. Retrieved 2019-07-03.
  20. ^ a b Smialek, Jeanna (2019-07-02). "Trump Taps Two Fed Nominees, One Conventional, the Other Not". The New York Times. ISSN 0362-4331. Retrieved 2019-07-03.
  21. ^ Smialek, Jeanna (2019-05-21). "Trump Team Vets Fed Critic for Board Seat". The New York Times. ISSN 0362-4331. Retrieved 2019-07-03.
  22. ^ "The Fed shouldn't be driving US economy, Trump advisor Judy Shelton says". 2016-12-07.
  23. ^ Smialek, Jeanna (2019-07-02). "Trump Taps Two Fed Nominees, One Conventional, the Other Not". The New York Times. ISSN 0362-4331. Retrieved 2019-07-03.
  24. ^ a b Guida, Victoria. "Trump Fed pick's push for gold troubles lawmakers". POLITICO. Retrieved 2019-07-28.
  25. ^ "Fed candidate slams bank's 'Soviet' power over markets". Financial Times. Retrieved 2019-05-31. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  26. ^ a b Freehling, Bill (November 14, 2009). "A worldview as seen from Moss Neck". The Free Lance–Star. Fredericksburg, Virginia: BH Media. Retrieved July 2, 2019.
  27. ^ LANCE-STAR, ROBYN SIDERSKY/THE FREE. "Moss Neck Manor is a hidden gem in Caroline County". Fredericksburg.com. Retrieved 2019-07-03.
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