The Senate must protect the central bank by rejecting overtly political nominations to its board
FOR MUCH of the past decade the Federal Reserve has operated without a full slate of seven governors. Presidents Barack Obama and Donald Trump have struggled to find nominees that the Senate, which must approve appointments to the Fed, finds acceptable. On February 13th Mr Trump’s latest candidates for the job—Judy Shelton and Christopher Waller—are due to appear before the Senate Banking Committee for a grilling. Mr Waller, head of research at the St Louis Fed, is a perfectly good candidate.
Instead, two other factors disqualify Ms Shelton. First, her past views crossed the line where unconventional thinking ends and quackery begins. She has spent much of her career questioning whether central banks should exist at all, and calling for a return to the gold standard, which would remove much of the Fed’s power to set monetary policy. True, she would not be the first central banker with a record of gold-standard advocacy.
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