Last Monday, U.S. Sen. Michael Bennet (D-CO) came out against President Donald Trump’s controversial nomination of Dr. Judy Shelton as a member of the Board of Governors of the Federal Reserve.
Shelton is an economist who has made headlines for her radical ideas, including her skepticism of the Federal Reserve’s role as a central bank, a desire to return to the gold standard, and opposition to federal deposit insurance.
Bennet’s press release addresses some of Shelton’s stances:
“Her extremist views on monetary policy would undermine the Federal Reserve’s longtime tradition of independence and nonpartisanship. On several occasions, Shelton has wondered whether America even needs a central bank,” the press release states. “She has called a convicted counterfeiter who sold gold coins with President Trump’s face on them ‘the Rosa Parks of monetary policy.’ She has advocated returning to the gold standard, a policy that was abandoned after it helped precipitate the Great Depression. These views are disqualifying.”
Bennet’s statement comes after the Senate Banking Committee approved Shelton July 21 by a razor-thin, partisan margin of 13-12, with all 13 Republicans voting in favor.
Shelton’s nomination will now head to the full Senate for a vote, and Sen. Cory Gardner (R-CO) has yet to speak out on whether he supports Shelton.
Gardner’s vote could be decisive, as Republican Senators Mitt Romney of Utah and Susan Collins of Maine have joined Bennet and other Democrats in saying they will oppose Shelton.
Democrats are asking if Shelton’s stance on public lands will affect Gardner’s vote on the nominee.
The new law, which was also pushed by Bennet, will provide permanent funding for water and land projects.
But Shelton has shown fringe positions on public lands in the past. She once wrote that “assets slated for privatization might include the postal service and Amtrak, along with numerous federal land holdings.”
Bennet’s press release addresses this part on her record:
“She has also supported selling off our public lands, which is unacceptable to communities across our state,” Bennet’s press release states.
Shelton is important to Trump. She was his advisor during his campaign in 2016, and according to the Washington Post, Trump could replace Jerome Powell, the current Fed Reserve Chair, with Shelton in 2022.
Gardner is not known for breaking with the president, though he’s done so more of late. Gardner’s voted in line with Tump 89% of the time. According to the Colorado Sun, some Democrats call the Great American Outdoors Act an “election-year gift” from Trump.