July 21, 2020

Cortez Masto: Judy Shelton’s Nomination to the Federal Reserve Board Threatens Our Economy

Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) today released the following statement after voting ‘no’ on the nomination of Dr. Judy Shelton to the Federal Reserve Board at an Executive Session of the Senate Committee on Banking, Housing and Urban Affairs.                                  

“During one of the most profound economic crises in our history, we need a steady, independent nominee for the Federal Reserve Board. Judy Shelton holds views far outside the economic mainstream that would threaten our economic recovery at a perilous time for too many Nevadans. I also have grave reservations about her ability to remain independent of the current administration, which the job requires. Nevadans need someone at the Fed who understands their issues and will set policies that ensure we have a recovery that helps every Nevadan, and a stable financial system able to safeguard savings and facilitate loans to homebuyers and small businesses alike.”

BACKGROUND:

Dr. Shelton has endorsed the use of the gold standard, which would deprive our economy of a crucial tool to stimulate growth during the coronavirus pandemic. She also favors limiting the tools the Federal Reserve has at its disposal to promote economic recovery and help struggling families during a recession.

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