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Treasury's Bessent hires Trump's controversial former Fed board pick, Judy Shelton, as advisor
CNBC • • nation
Key Points:
- Judy Shelton, previously blocked by the Senate for a Federal Reserve nomination due to her controversial economic views, has been appointed as a counselor to Treasury Secretary Scott Bessent to advise on currency policy, focusing particularly on financial conditions in China.
- Shelton's background includes authoring economic books in the late 1980s and 1990s and holding senior fellow positions at free-market think tanks, though she is not recognized as a China expert.
- Her 2019 Fed nomination was rejected by a bipartisan Senate group over concerns about her views on Federal Reserve independence, support for the gold standard, and skepticism about the need for a central bank.
- Shelton’s appointment occurs amid significant turnover in high-level Treasury positions, with many Senate-confirmed officials having left and few replacements appointed.
- Both Shelton and David Zervos, recently named as counselors to the Treasury Secretary, hold advisory roles that do not require Senate confirmation.
