Pence’s Fed Board Appointment
In August 2023, Vice President Mike Pence suggested that Judy Shelton, a former economic adviser to President Donald Trump, should be appointed to the Federal Reserve Board. Pence’s comments came during an interview with Fox Business Network, where he also stated that he would not reappoint Jerome Powell as the Fed’s chair.
Pence’s Criticism of Powell
Pence criticized Powell for his handling of the economy during the coronavirus pandemic. He said that the Fed’s policies had been too slow to respond to the crisis and had not done enough to help the economy recover. He also said that the Fed had been too focused on inflation and not enough on growth.
Shelton’s Background
Shelton is a former economic adviser to President Trump and has served as a director of the European Bank for Reconstruction and Development. She is a vocal advocate of returning to the gold standard and has been critical of the Fed’s policies. She has also been a vocal critic of the European Central Bank’s policies.
Shelton’s Views on Monetary Policy
Shelton has been a vocal advocate of returning to the gold standard and has been critical of the Fed’s policies. She has argued that the Fed should focus on maintaining the value of the dollar and not on manipulating interest rates. She has also argued that the Fed should not be involved in quantitative easing and should instead focus on maintaining the value of the dollar.
Political Implications
Pence’s suggestion of Shelton for the Fed Board has raised questions about the political implications of the appointment. If appointed, Shelton would be the first Trump-appointed official to serve on the Fed Board. This could have implications for the Fed’s independence and its ability to make decisions without political interference.
Reaction to Pence’s Suggestion
Pence’s suggestion of Shelton for the Fed Board has been met with both praise and criticism. Supporters of Shelton argue that she is a qualified and experienced economist who would bring a different perspective to the Fed Board. Critics argue that her views on monetary policy are too extreme and could lead to instability in the economy.
Outlook
It remains to be seen whether Shelton will be appointed to the Fed Board. If she is appointed, it could have implications for the Fed’s independence and its ability to make decisions without political interference. It could also have implications for the Fed’s policies, as Shelton has been a vocal critic of the Fed’s policies.