President Trump plans to nominate Judy Shelton and Christopher Waller to join the Federal Reserve.
President Trump plans to nominate Judy Shelton and Christopher Waller to join the Federal Reserve, the White House said.
If confirmed by the Senate, they will join an institution that’s been under constant attack from the president who has sought to make Powell a potential scapegoat if the economy falters as he seeks reelection this year. Trump returned to this theme at the White House on Wednesday, appearing to lament that he had passed over Kevin Warsh in picking Powell as Fed chief.
Shelton, who has been an informal advisor to Trump, has publicly said the central bank should reduce rates. She’s spent decades outside mainstream economics and recently appears to have completed a metamorphosis from proponent of returning to the gold standard — a concept broadly espoused by those who feel monetary policy is too lax — to an advocate of the need for more stimulus.
He is a PhD economist who previously served as a professor of economics at the University of Notre Dame before joining, in 2009, the St. Louis Fed, where he is director of research. Waller has been consistent in his calls for a more dovish approach over the years. His key research focus has been on monetary and macroeconomic theory and the political economy.
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