Trump has blamed the Fed for holding back economic growth by not lowering rates far or fast enough, and his two picks are seen as part of an effort to shape monetary policy more to his liking.Both Waller and Shelton released opening statements on Wednesday ahead of their hearings that offered few clues about their views on monetary policy beyond promising to promote policies that support financial stability and help the Fed meet its goals of full employment and price stability.
Shelton, a frequent critic of the Fed who since her nomination has expressed support for lower rates, did not repeat that view in her statement. “I hope to contribute intellectual diversity as a Governor and would work collegially to promote sound money and sound finances,” she said. The phrase “sound money” is often associated with the gold standard, a return to which Shelton has advocated.
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