Trump's new Fed nominees: Judy Shelton, Christopher Waller
Trump wants new blood at the Fed
President Trump plans to officially nominate two new individuals to become members of the Board of Governors of the Federal Reserve System, the White House announced Thursday.
Judy Shelton and Christopher Waller, both of whom were picked by Trump last summer.
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"Shelton most recently served as United States Executive Director of the European Bank for Reconstruction and Development", according to the White House. Her bio also notes that she was a "founding member of Empower America and a staff economist for the National Commission on Economic Growth and Tax Reform chaired by Jack Kemp from 1995 to 1996."
She will fill out the remainder of a 14-year term expiring January 31, 2024.
Shelton, in November, questioned whether or not the U.S. central bank needs to operate free of political influence. As reported by FOX Business, the conservative economist shared her view that policymakers at the Fed should work closely in line with the White House and Congress at an event in mid-October on the sidelines of the International Monetary Fund’s annual meetings.
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“I don’t see any reference to independence in the legislation that has defined the role of the Federal Reserve for the United States,” Shelton said, according to Bloomberg, which first reported on her remarks.
Stocks pop to record highs after USMCA, Google tops $1 trillion market cap
Trump's nominees, both of whom will likely face a tough confirmation process, come during a week in which he pushed the historic U.S.-China phase one trade deal over the goal line, along with the United States-Mexico-Canada trade agreement, both of which helped push stocks to fresh records on Thursday.
The two will also join a Fed which has become a punching bag for Trump who frequently chastizes the policymakers for not cutting interest rates enough from current levels. In December he tweeted:
"Would be sooo great if the Fed would further lower interest rates and quantitative ease. The Dollar is very strong against other currencies and there is almost no inflation. This is the time to do it. Exports would zoom!"
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As for Waller, he is currently at the Federal Reserve Bank of St. Louis and holds the position of Executive Vice President and Director of Research, the White House notes. He 14 year term will expire January 31, 2030.
Trump plans to nominate Judy Shelton, Christopher Waller to Fed board
Trump made his intentions known last July, tweeting about his intentions for Shelton and Waller.
Fed holds interest rates steady, signals no hikes through 2020
The Federal Reserve indicated it will not raise rates in 2020 and will likely raise rates just one time in 2021.
Speaking to FOX Business' Lou Dobbs on Thursday, U.S. Commerce Secretary Wilbur Ross said it's "almost mechanically impossible" that the U.S. will see a recession in 2021, largely due to the trade deals inked this week.
