Trump’s latest pick for the Federal Reserve wants to bring back the policy of tying the dollar’s value to gold
Decades after the U.S. abandoned its policy of tying the dollar’s value to gold, President Donald Trump’s latest pick for the Federal Reserve, Judy Shelton, wants to bring it back into style.
By signing up you agree to receive email newsletters or alerts from POLITICO. You can unsubscribe at any time. While both the 2012 and 2016 Republican Party platforms called for a new commission to consider fixing the dollar’s value to a precious metal, most economists argue that returning to gold would prevent the central bank from acting in the best interest of the economy. They also say it would attempt to aggressively head off a problem that hasn’t existed for decades: runaway inflation.
“I haven’t had a chance to drill down and study what she has written and what she has said, and I’ve never met her,” he added, a sentiment echoed by Sen. Mike Rounds . But, she added, “it might be worth trying to incorporate some aspect of a gold/silver link to a future debt instrument to add intrinsic value.”
In 1994, she wrote a book, “Money Meltdown,” which advocated for a new Bretton Woods agreement. Under that World War II-era arrangement, countries tied their currencies to the value of gold so exchange rates wouldn't fluctuate much. It was abandoned by the U.S. during the Vietnam War when foreign governments began cashing in their dollars for gold.
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