Judy Shelton

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

Judy Lynn Shelton (born 1953 or 4, age 66 or 67) is an American economic advisor to President Donald Trump.[1] She is known for her advocacy for a return to the gold standard and for her criticisms of the Federal Reserve.[2][3][4] Trump announced on July 2, 2019, that he would nominate Shelton to the Fed, and her nomination is currently pending in the Senate.[5][6][7]

Early life and education[edit]

Shelton attended Portland State University, where she obtained a Bachelor of Science in Education.[8] Shelton also holds a MBA and Ph.D in business administration from the University of Utah.[8][9][10]


She worked at the Hoover Institution from 1985 to 1995.[4] She was on Bob Dole's 1996 presidential campaign.[4] In 2016, she was on the Ben Carson presidential campaign, but joined the Trump campaign in August 2016 after writing a supportive Wall Street Journal opinion editorial about Trump.[4]

In 2012, Judy Shelton joined TheGoldStandardNow.Org as a senior advisor.[11]

Prior to joining the Trump administration, she was the director of the Sound Money Project[12] at the Atlas Network. In a video interview with The Atlas Network she described currency counterfeiter Bernard von NotHaus as "the Rosa Parks of monetary policy."[13] She has donated to conservative candidates and causes.[4]

In 2000, she advocated for open borders with Mexico.[14]

In March 2018, she was confirmed by the U.S. Senate as the United States director of the European Bank for Reconstruction and Development.[15][16] The Wall Street Journal reports that she was absent for 12 of 28 board meetings during her tenure.[17]

Views on monetary policy[edit]

Shelton is known as a critic of the Federal Reserve.[3][4] She said in 2011 that the Federal Reserve is "almost a rogue agency," and asked whether it could be trusted in having oversight of the dollar.[18] "She has called for a 0% inflation target, contradicting the bank's current 2% target.[19] She has written that a "fundamental question" of economics is "why do we need a central bank?"[20] Shelton has criticized the Federal Reserve's longstanding policy of independence from the White House, saying in 2019 interview that she saw "no reference to independence" in the Fed's authorizing legislation.[21] Shelton describes herself as "highly skeptical" of the Federal Reserve's "nebulous" dual mandate of maximum employment and price stability. [22]

During the Obama years, she criticized the Federal Reserve's low interest rates.[23][24][25] 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.)[2][23][26] She supports the Republican Party's Tax Cuts and Jobs Act, and the Trump administration's deregulative agenda.[4] 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.[4][14]

Shelton opposes federal deposit insurance. In her 1994 book "Money Meltdown," she writes that "Eliminating federal deposit insurance would restore the essential character of banking as a vehicle for channeling financial capital into productive investment while striving to meet the risk and timing preference of depositors.[27]

Shelton is a long-time proponent of pegging the value of the dollar to gold.[28] 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."[29] Mar-a-Lago is a club run by President Trump.

Shelton supports a highly integrated financial system, including a global common currency[30] and a universal gold reserve bank.[31]

Nomination to Federal Reserve[edit]

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.[15][32] During the months in which Shelton was being considered for the post by Trump, she was a guest at Trump's D.C. hotel.[15]

During her February 2020 confirmation hearings, both Republicans and Democrats on the Senate Banking Committee expressed concerns about her writings and statements.[33][34][35]

Personal life[edit]

Shelton is married to Gilbert Shelton.[4] The Sheltons had eleven French Charolais cattle, six dogs and peacocks as of 2009.[36] 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.[36][37]


  • Judy Shelton (November 24, 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.[12]


  1. ^ "Fed faces Trump glare ahead of policy shake-up". Financial Times.
  2. ^ a b "Trump's potential Fed pick Judy Shelton wants to see lower rates 'as expeditiously as possible'". The Washington Post. 2019.
  3. ^ a b GmbH, finanzen net (May 22, 2019). "Trump's potential Fed pick is a critic of the central bank and supports near-zero interest rates | Markets Insider". markets.businessinsider.com. Retrieved May 31, 2019.
  4. ^ a b c d e f g h i Smialek, Jeanna (May 21, 2019). "Trump Team Vets Fed Critic for Board Seat". The New York Times. ISSN 0362-4331. Retrieved May 31, 2019.
  5. ^ Harrison, Paul Kiernan and David. "Christopher Waller, Judy Shelton Are Trump's Latest Picks for Fed Board". WSJ.
  6. ^ Long, Heather (November 21, 2019). "Trump's Fed nominee Judy Shelton recently questioned the need for an independent central bank". Washington Post. Retrieved December 28, 2019.
  7. ^ Collins, Peggy (February 3, 2020). "Senate to Hold Hearing for Fed Nominees Shelton, Waller Feb. 13". Bloomberg.
  8. ^ a b "The Coming Soviet Crash". C-SPAN. February 16, 1989. Retrieved on 3 July 2019.
  9. ^ "Judy Shelton, Ph.D".
  10. ^ "Q&A with Judy Shelton". C-SPAN. November 4, 2009. Retrieved on 3 July 2019.
  11. ^ Packard, Kathleen (January 11, 2012). "Economist and Author Judy Shelton Appointed as Senior Advisor to The Gold Standard Now". PRWeb.
  12. ^ a b "This Trump Economic Advisor Wants America to Go Back to the Gold Standard". Fortune.
  13. ^ Sound Money Project Interview Series: Dr. Judy Shelton (Full Version), retrieved February 4, 2020
  14. ^ a b "Trump Fed nominee Judy Shelton once advocated for 'open borders' with Mexico". The Washington Post. 2019.
  15. ^ a b c Smialek, Jeanna (July 2, 2019). "Trump Taps Two Fed Nominees, One Conventional, the Other Not". The New York Times. ISSN 0362-4331. Retrieved July 3, 2019.
  16. ^ Smialek, Jeanna (May 21, 2019). "Trump Team Vets Fed Critic for Board Seat". The New York Times. ISSN 0362-4331. Retrieved July 3, 2019.
  17. ^ Kiernan, Paul (July 25, 2019). "Prospective Fed Nominee Judy Shelton Resigned From EBRD Job". Wall Street Journal.
  18. ^ Andrew Kaczynski; Em Steck. "Trump's Fed pick Judy Shelton called the central bank 'almost a rogue agency' in 2011". CNN. Retrieved February 23, 2020.
  19. ^ Heeb, Gina (June 8, 2019). "Trump's potential Federal Reserve nominee wants a 0% inflation target". Business Insider. Retrieved February 4, 2020.
  20. ^ Shelton, Judy (March 27, 2009). "Did the Fed Cause the Housing Crisis". Wall Street Journal. Retrieved February 4, 2020.
  21. ^ Mohsin, Saleha (November 21, 2019). "Trump's Fed Pick Judy Shelton Cast Doubt on Central Bank Independence". Bloomberg. Retrieved February 4, 2020.
  22. ^ Condon, Christopher (May 30, 2019). "Fed Hopeful Shelton Questions Value of Bank's Dual Mandate". Bloomberg. Retrieved February 4, 2020.
  23. ^ a b Yglesias, Matthew (June 5, 2019). "Judy Shelton's potential nomination to a Federal Reserve Board seat, explained". Vox. Retrieved July 3, 2019.
  24. ^ Shelton, Judy (May 13, 2015). "Reckoning for the Fed". TheHill. Retrieved July 3, 2019.
  25. ^ Shelton, Judy. "A Trans-Atlantic Revolt Against Central Bankers". WSJ. Retrieved July 3, 2019.
  26. ^ "Trump Taps Economists for Two Key Fed Positions". Time. Retrieved July 3, 2019.
  27. ^ Shelton, Judy (1994). Money Meltdown. Free Press. p. 305.
  28. ^ Guida, Victoria. "Trump Fed pick's push for gold troubles lawmakers". POLITICO. Retrieved July 28, 2019.
  29. ^ "Fed candidate slams bank's 'Soviet' power over markets". Financial Times. Retrieved May 31, 2019.
  30. ^ Shelton, Judy (July 16, 1999). "Global Markets Need Golden Rule". The Wall Street Journal. Retrieved February 4, 2020.
  31. ^ Shelton, Judy (May 2015). "Gold and Government" (PDF). Cato Institute. Retrieved February 4, 2020.
  32. ^ "The Fed shouldn't be driving US economy, Trump advisor Judy Shelton says". December 7, 2016.
  33. ^ Timiraos, Nick; Chaney, Sarah (February 14, 2020). "Path to Confirmation Dims for Fed Nominee After Republican Objections". The Wall Street Journal. Retrieved February 17, 2020.
  34. ^ Schneider, Howard; Dunsmuir, Lindsay (February 13, 2020). "Trump Fed nominee Shelton hits bipartisan skepticism in Senate hearing". Reuters. Retrieved February 22, 2020.
  35. ^ "PN1422 — Judy Shelton — Federal Reserve System". Library of Congress. January 28, 2020. Retrieved March 6, 2020.
  36. ^ 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.
  37. ^ Sidersky, Robyn (April 12, 2015). "Moss Neck Manor is a hidden gem in Caroline County". The Free Lance–Star. Retrieved July 3, 2019.

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