Judy Shelton, President Donald Trump’s most-recent nominee to fill one of two vacant seats on the Federal Reserve’s board of governors, has questioned the need for our nation even to have an independent central bank.
This alone should be sufficient to tank her nomination.
But there’s more. She has also been a longtime advocate for returning our nation to the gold standard, which we properly abandoned in 1971.
And she has repeatedly changed her views on when, and why, the Fed should cut, or raise, interest rates -- seemingly based on little more than which way the political winds are blowing at the moment.
On Tuesday, just two weeks after a majority of our nation’s voters turned their backs on the current president, opting for a new direction by electing Joe Biden, the U.S. Senate turned back, at least temporarily, Shelton’s nomination.
Tuesday’s setback wasn’t a death knell for Shelton’s candidacy, but it was a serious blow. Because of some Republican defections and two unanticipated absences, the GOP-majority Senate was unable to muster the votes needed to drag Shelton over the finish line. Still, Senate Majority Leader Mitch McConnell reserves the right to bring her nomination forward again, should the situation change in his favor. The Kentuckian, however, knows well that the clock is ticking, as the Senate won’t be meeting next week because of its Thanksgiving recess. But not only that. There’s also the very good chance that Republicans' current majority, which stands at 53-47, could shrink by one seat sooner than later. That will happen when Sen.-elect Mark Kelly, a Democrat from Arizona, is seated after the special election he won early this month is certified, perhaps by month’s end.
Shelton, who hasn’t pretended that her economic views put her in the mainstream of current thinking, is friends with Lawrence Kudlow, the president’s top economic adviser. He, too, has many unorthodox economic views.
That, in itself, isn’t necessarily a bad thing. In any organization, pervasive groupthink can stifle creativity and needlessly sideline problem-solvers. Having some who offer differing points of view can be beneficial.
Up to a point.
No college wants a member of its board of trustees who doesn’t believe in the mission of higher education. And no nation’s central bank should have a governor who doesn’t subscribe to the need for independent banking regulation.
Shelton’s nomination should not be revived.
"correct" - Google News
November 19, 2020 at 01:04AM
https://ift.tt/2URMP7n
Senate is correct to impede Federal Reserve nominee Judy Shelton (Editorial) - masslive.com
"correct" - Google News
https://ift.tt/3d10rUK
https://ift.tt/35qAk7d
Bagikan Berita Ini
0 Response to "Senate is correct to impede Federal Reserve nominee Judy Shelton (Editorial) - masslive.com"
Post a Comment