Judy Shelton, Backer of Gold Standard, Approved By Senate Banking Committee For Federal Reserve Nomination
Judy Shelton has been approved by the Senate Banking Committee as a nominee for the Federal Reserve Board of Governors as of this afternoon. Shelton saw the committee approve her nomination in a 13-12 vote, sending her along to the next step of being approved by the full Senate. Opposition to her appointment came from all 12 Democratic members of the Senate Banking Committee.
The approval is significant for our viewers in particular for several reasons. Shelton, whom was nominated by President Trump, has been a long time proponent for reinstating the gold standard while also upholding deregulatory views. Such a move would heavily revise current banking policy in the United States, with effects likely to be felt globally.
Opponents of Shelton’s have attempted to disqualify her as a nominee on this basis, due to it being “outside of the mainstream thought,” however Senator Mike Crapo said otherwise, stating, “Many have tried to characterize Dr. Shelton’s views of the gold standard and monetary policy as outside of the mainstream thought and disqualifying for this position, and I strongly disagree with these characterizations. I am confident that her deep understanding of the Fed’s monetary policy toolkit, monetary history and commitment to maintaining Fed independence will serve the Fed well in its ongoing efforts to stabilize markets, and toward its mission of price stability and full employment.”
Further, given that she is the nominee from current President Donald Trump, speculation is currently ongoing that he may not reinstate Jerome Powell as Chairman of the Fed if he were to win the fall election. Instead, speculators have considered the thought that he may appoint Shelton in Powell’s place – an event that would undoubtedly be bullish for gold given her stance on the yellow rock, which would likely result in a significant re-valuation.
Shelton has previously called for a “new Bretton Woods conference,” referencing the 1944 meeting that established the US dollar as the reserve currency, which at the time was pegged to gold. With the gold standard, it’s expected that it would reduce inflation as a result of fixing the money supply – something fiat currency does not currently do.
Shelton must now be approved by the full Senate before being nominated for the role.
Information for this briefing was found via the Washington Post. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
