Mike Pence said if he is elected president he wouldn’t reappoint Federal Reserve Chairman Jay Powell when his term expires in 2026, and floated economist Judy Shelton for the central bank’s board.
“Jerome Powell’s time is over,” Pence said Friday at The Gathering, a conservative forum in Atlanta hosted by radio host Erick Erickson. “I’d love to see somebody like Judy Shelton appointed to the Federal Reserve. You can Google it later and find out how good she is. Trust me.”
Shelton, a controversial conservative economist, was nominated to the Fed in 2020 by Pence’s onetime boss, then-President Donald Trump, but failed to garner enough support in the Senate. Trump again nominated Shelton in 2021 in his last days in office. “I was very proud to be nominated for the Board of Governors of the Federal Reserve System by President Trump and grateful for the support of Vice President Pence, who has long supported the need for sound money,” Shelton said in a statement to Bloomberg News.
“I applaud President Trump’s comments regarding the importance of the US dollar as a dependable monetary standard worthy of being recognized as the most trusted currency in the world,” she said.Trump appointed Powell to lead the Federal Reserve but soured on him within months, saying he believed the central bank went too far in raising rates. In office, Trump broke with an unwritten tradition of the White House largely not commenting on Fed policies, publicly criticizing the chairman.
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