Decades after the U.S. abandoned its policy of tying the dollar’s value to gold, President Donald Trump’s latest pick for the Federal Reserve, Judy Shelton, wants to bring it back into style.
Shelton’s longtime promotion of a return to a gold standard is so out of the mainstream that it’s likely to be an obstacle on her road to Senate confirmation. Yet it’s only one of several ideas she has espoused that would redefine — and diminish — the Fed’s role in the economy. And that matters because, while Shelton would be only one of seven Fed governors if confirmed, she could be in line to chair the central bank if Trump wins reelection.
