Trump's Fed Pick Judy Shelton Cast Doubt on Central Bank Independence

udy Shelton, one of President Donald Trump’s most recent picks for the Federal Reserve board, challenged an article of faith regarding the U.S. central bank in private comments to a bank executive last month: that it should operate free of political influence.

Shelton shared her views on monetary policy and the Fed with Beat Siegenthaler, global macro adviser for UBS Group AG, after speaking at an event on Oct. 18 in Washington on the sidelines of the International Monetary Fund annual meetings.

“I don’t see any reference to independence in the legislation that has defined the role of the Federal Reserve for the United States,” Shelton told Siegenthaler, according to a transcript of the interview.

Shelton confirmed she had spoken with Siegenthaler and a UBS spokesman declined to comment. The transcript was shared with the bank’s institutional clients, according to a person familiar with the matter.




https://www.bloomberg.com/news/articles/2019-11-21/trump-fed-pick-shelton-cast-doubt-on-central-bank-independence