Schumer Floor Remarks Urging The Senate To Reject The Nomination Of Judy Shelton To The Federal Reserve Board

November 16, 2020

Washington, D.C. — Senate Democratic Leader Chuck Schumer (D-NY) today spoke on the Senate floor regarding the need to reject the nomination of Judy Shelton to the Federal Reserve Board.  Below are Senator Schumer’s remarks, which can also be viewed here:

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 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, Democrat and Republican, to reject this terrible, terrible nomination.