[Congressional Record Volume 166, Number 194 (Monday, November 16, 2020)]
[Senate]
[Pages S6688-S6689]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       NOMINATION OF JUDY SHELTON

  Mr. SCHUMER. Mr. President, tomorrow, the Senate will vote on the 
nomination of Judy Shelton to serve on the Board of Governors of the 
Federal Reserve. Judy Shelton's views are breathtakingly extreme and 
retrograde. She actually seems to prefer the economic policies that 
foregrounded

[[Page S6689]]

the Great Depression. She has openly advocated a return to the gold 
standard. She has long questioned the need for Federal deposit 
insurance, and, in March 2009, in the midst of our last economic 
crisis, she questioned: Why do we need a central bank?
  Imagine someone like Ms. Shelton, with her retrograde views, sitting 
on the Federal Reserve during a time of economic crisis? Imagine 
someone like that making decisions about monetary policy back in April, 
when our economy was in free fall? We should not confirm to the Federal 
Reserve someone who would likely stymie efforts to dig ourselves out of 
this economic crisis.
  I urge every one of my colleagues, Democratic and Republican, to 
reject this terrible, terrible nomination.

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