The U.S. Senate should not confirm Judy Shelton as a Federal Reserve governor. Most of her monetary policy career has consisted of uninformed advocacy for a return to the gold standard, which would be an obvious economic disaster. Even worse than the quality of her policy arguments, however, is her clear political agenda. Despite a career of advocating that the Fed should adopt hard-money policies—including loudly criticizing the Fed’s efforts to fight the Great Recession and spur recovery with low interest rates—she now is urging the Fed to cut rates. There is no sensible argument besides political expediency for why she advocated for higher interest rates and stunted growth under a Democratic president yet wants lower rates and faster growth under a Republican. We need more serious, independent, and public-minded people than Judy Shelton in charge of the Federal Reserve.
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