Political Quotes

“on Judy Shelton, today the Senate will vote on the nomination of Judy Shelton to serve as a member of the Board of Directors of the Federal Reserve. Ms. Shelton is, without a doubt, one of the most unqualified nominees I have ever seen for our Nation's central bank. When her nomination first came before the Senate Banking Committee, a former Republican aide to a Senator on the Banking Committee said that she was so unqualified and so far out of the mainstream that the ``idea of even calling Ms. Shelton as a witness for something was beyond the pale.'' That is a former Republican aide saying that Shelton wasn't qualified to be a witness in a committee hearing, let alone a nominee to the Federal Reserve Board of Governors. It is not hard to understand why. For years, Ms. Shelton has advocated for the resurrection of the gold standard, a long since discarded policy that in part led to the Great Depression. She has questioned the independence of the Fed and, beyond that, has even questioned whether the Fed should exist. Ms. Shelton has also suggested that we put an end to Federal deposit insurance, an institution that has protected American savings since the 1930s. That is why over 130 of the nation's top economists, including seven Nobel laureates, have opposed her nomination, as have countless alumni of the Federal Reserve Board of Governors. Ms. Shelton's views have another strange quality: They seem to change when it is politically convenient.…”