Republicans Try to Damage Biden’s Presidency with Federal Reserve Nominee

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Republicans attempt to Destroy Biden’s Presidency with a Unqualified Federal Reserve Board Candidate, Judy Shelton who is considered by some to be a wackadoo “crank” who’s unqualified and potentially dangerous to our financial stability. Shelton wants to return to the outdated and antiquated “Gold Standard”.

Chuck Schumer stated; “She is without a doubt one of the most unqualified nominees I have ever seen for our nation’s central bank,” he said on the Senate floor, criticizing her as an “economic weather vane pointing whichever way she thinks the partisan winds are blowing.”

 

https://www.bloomberg.com/opinion/articles/2020-11-16/judy-shelton-fed-confirmation-would-make-central-bank-partisan

Per the above article; “President Donald Trump nominated Judy Shelton for the Federal Reserve Board of Governors in July 2019, and in the intervening year and a half the full Senate has wisely declined to act on her nomination — until now. Majority Leader Mitch McConnell announced last week that the Senate would take up her nomination as early as this week.

Republican senators haven’t offered a substantive rationale for their change of heart. Many are undoubtedly looking to prevent President-elect Joe Biden from filling the two remaining seats on the Fed with people who would push the bank to incorporate progressive priorities into its decision making.

Shelton has been a consistent advocate for radical departures from traditional monetary policy, including having the Fed establish and then relinquish control to an international commodity standard that would determine monetary policy for all major economies, rather than allowing each nation to set its own policy. By contrast, she has compared the Fed’s current procedures to Soviet-style central planning”.

 

Why the US should not return to the gold standard for its currency

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