Economist Judy Shelton, tapped by Pres. Trump for a seat on the Federal Reserve board, says she does not favor credit tightening by the Federal Reserve that would harm investors.
Economist Judy Shelton, tapped by President Donald Trump for a seat on the Federal Reserve board, said on Friday she does not favor credit tightening by the Federal Reserve that would harm investors.
Trump on Tuesday announced on Twitter that he planned to nominate Shelton, currently the U.S. executive director at the European Bank for Reconstruction and Development, and Christopher Waller, currently the research director at the Fed's St. Louis regional bank, to two vacant seats on the seven-member Fed board.
Most economists see such a move as far-fetched in the current global economy, arguing that it would result in more and deeper recessions by limiting the Fed's flexibility to fight downturns. Recently, Mario Draghi, the head of the European Central bank, has said he would be prepared to provide more support to bolster a European economy that has been softening.
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