Scott Bessent hires Judy Shelton as adviser on currency policy
by@CNBC
Summary
Scott Bessent, the Treasury Secretary, has appointed Judy Shelton as a counselor, where she will advise on currency policy with an emphasis on evaluating financial conditions in China. Shelton's prior experience, which includes her tenure as a senior fellow at the Independent Institute and the Hoover Institution, combined with her controversial economic viewpoints, previously led to her nomination for the Federal Reserve being blocked by a bipartisan group of Senators during President Donald Trump's administration in 2019. Shelton's appointment occurs amidst significant personnel turnover at the Treasury, where several Senate-confirmed officials have recently departed, leaving many high-level positions unfilled.
Analysis
David Zervos: David Zervos previously worked as chief market strategist at Jefferies. He was recently named a counselor to Treasury Secretary Scott Bessent. Like Judy Shelton, his position does not require Senate confirmation. Judy Shelton: Judy Shelton is an economist specializing in international monetary systems and exchange rate analysis. She was appointed counselor to Treasury Secretary Scott Bessent to advise on currency policy with emphasis on China. Shelton previously served as a senior fellow at the Independent Institute after earlier roles at the Hoover Institution. Scott Bessent: Scott Bessent serves as Treasury Secretary in the current administration. He recently appointed Judy Shelton as a counselor focused on currency policy and financial conditions in China. Bessent also named David Zervos to a similar counselor role at the department. Adviser Mandates: Shelton will focus on evaluating financial conditions in China as part of her currency policy advisory duties. Treasury Staffing: A number of Senate-confirmed officials have departed the Treasury department in recent months, leaving multiple high-level positions unfilled.
Categories
macropolitics