Secretary of the Treasury Scott Bessent named Judy SheltonPresident that of Donald Trump former pick of the Federal Reserve, as a senior advisor focused on China.
Shelton will serve as an advisor in Bessent office, the Treasury Department announced Friday. She “will advise the Secretary on monetary policy, with particular emphasis on assessing financial conditions in China,” the department said.
The nomination, which does not require Senate confirmation, brings the longtime gold standard advocate into the Trump administration after her. application to join the Fed board stalled during Trump’s first term. The Senate blocked his nomination from moving forward in 2020 amid bipartisan opposition.
at Shelton Advocacy for a link between the value of the dollar and gold, which she said could not happen in the short term, put her at odds with mainstream economists. Supporters of the policy, which the United States abandoned completely in 1971, say a gold standard could increase the stability of the dollar, but most economists say it would limit the Fed’s ability to take extraordinary measures in response to a financial crisis.
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