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Trump Fed pick wants to revive the gold standard. Here's what that means
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| Parent(s) |
Race
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| Contributor | RP |
| Last Edited | RP Jul 03, 2019 12:46pm |
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| Category | Profile |
| Author | Aimee Picchi |
| News Date | Wednesday, July 3, 2019 06:30:00 PM UTC0:0 |
| Description | As President Donald Trump named his picks to fill two influential seats on the Federal Reserve's Board of Governors, the price of gold surged. That may be because one of the them, Judy Shelton, is a believer in the return to the gold standard, a money policy abandoned by the U.S. in 1971.
Shelton is raising eyebrows among mainstream economists for her views, which include slashing the Fed's benchmark rate to zero and pegging the value of the dollar to gold prices. She's not the first Trump pick for the Fed to advocate a return to the gold standard, with his two previous failed Fed choices -- Stephen Moore and Herman Cain -- also advocating for a revival of the policy. |
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