38 Fed Alumni Reject Shelton Nomination In Open Letter

A coalition consisting of more than three dozen US central bank alumni and staff, as well as previous Vice Chairman Alan Blinder, wrote an open letter urging the Senate to block President Trump’s pick for the Federal Reserve’s Board of Governors.

The president nominated Judy Shelton in January, even as financial policy experts and analysts raised broad criticism. During the 2016 presidential race, Shelton worked unofficially as a Trump campaign advisor. If she is confirmed, she would be one of seven board members to vote on central bank regulatory policy and one of 14 on monetary policy.

Those who disapprove of Shelton believe she is unqualified for the role, citing her history of advocating for the gold standard, erratic stances toward monetary policy, and doubts of the central bank’s need to act as an independent body.

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