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Fri Nov 13, 2020, 02:09 PM

Trump's final Fed pick is extremely unorthodox

Source: CNN

Nearly a year after being nominated, President Donald Trump's controversial Federal Reserve board nominee is now within striking distance of being confirmed by Senate Republicans, despite warnings from across the political spectrum about her unorthodox views.

Judy Shelton has advocated a number of unusual policy ideas, including a return to the gold standard, which would link the US dollar's value to the price of gold. America abandoned it in 1971.

She has also attacked the Fed's independence. In 2011, she called the central bank "almost a rogue agency." This has been particularly problematic given the President's continued criticism of the central bank, which is headed by another Trump pick, Chairman Jerome Powell.

The Senate is expected to vote and confirm Shelton next week.

Read more: https://www.msn.com/en-us/news/politics/trump-s-final-fed-pick-is-extremely-unorthodox/ar-BB1aZFEt?li=BBnbfcQ&ocid=DELLDHP



They want to leave as much of a mess as they can.

8 replies, 1420 views

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Reply Trump's final Fed pick is extremely unorthodox (Original post)
Yo_Mama_Been_Loggin Nov 13 OP
Mike 03 Nov 13 #1
Hela Nov 13 #2
Mike 03 Nov 13 #3
Bayard Nov 13 #4
Javaman Nov 13 #5
DeminPennswoods Nov 13 #6
mr_lebowski Nov 13 #7
rickyhall Nov 13 #8

Response to Yo_Mama_Been_Loggin (Original post)

Fri Nov 13, 2020, 02:15 PM

1. I don't know how the Fed Reserve Board works.

Can the new president replace members of the Fed board?

The pit in my stomach is telling me the answer is "no."

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Response to Mike 03 (Reply #1)

Fri Nov 13, 2020, 02:24 PM

2. Presidential nomination, Senate confirmation

The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and confirmed by the Senate. A full term is fourteen years. One term begins every two years, on February 1 of even-numbered years. A member who serves a full term may not be reappointed. A member who completes an unexpired portion of a term may be reappointed. All terms end on their statutory date regardless of the date on which the member is sworn into office.

The Chairman and the Vice Chairman of the Board are named by the President from among the members and are confirmed by the Senate. They serve a term of four years. A member's term on the Board is not affected by his or her status as Chairman or Vice Chairman.


https://www.federalreserve.gov/aboutthefed/bios/board/default.htm

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Response to Hela (Reply #2)

Fri Nov 13, 2020, 02:43 PM

3. Thank you for the information. Much appreciated.

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Response to Yo_Mama_Been_Loggin (Original post)

Fri Nov 13, 2020, 02:51 PM

4. If we can't win those 2 GA senate seats

I'm sure McConnell will make sure none of Joe's picks will be confirmed.

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Response to Yo_Mama_Been_Loggin (Original post)

Fri Nov 13, 2020, 03:08 PM

5. the repuke fantasy of going back to the gold reserve. nt

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Response to Javaman (Reply #5)

Fri Nov 13, 2020, 03:57 PM

6. The entire reason for going off the gold standard

was so the economy could expand and not be restricted by the availablity of a finite substance like gold.

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Response to Yo_Mama_Been_Loggin (Original post)

Fri Nov 13, 2020, 04:17 PM

7. Not entirely sure the GOP is gonna go along with a total crackpot in a place like that ...

Money is always the #1 priority, even above right-wing asshattery.

If Trump looks positively DONE by the time the vote happens, I think we may peel off a few and get her rejected.

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Response to Yo_Mama_Been_Loggin (Original post)

Fri Nov 13, 2020, 05:10 PM

8. 68 days

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