Judy Shelton named counselor to Treasury Secretary Scott Bessent

Economist Judy Shelton will advise the U.S. Treasury secretary on currency policy, including financial conditions in China. The Senate previously rejected her nomination to the Federal Reserve Board.

The Treasury Department said Shelton’s brief will include currency issues and analysis of China’s financial conditions. The New York Times also reported her appointment in September. Shelton is not generally known as a China specialist.

President Donald Trump nominated her to the Federal Reserve Board in 2019, but the Senate did not confirm her. All Democrats and several Republicans opposed the nomination, citing her views on Fed independence, the gold standard and the need for a central bank.

Before joining Treasury, Shelton worked at the Independent Institute and Stanford University’s Hoover Institution. Her appointment comes amid turnover at the department: The Wall Street Journal reported that seven Senate-confirmed officials had left by the end of August, with only one position filled. Former Jefferies strategist David Zervos was recently named to the same counselor role.