CONGRESS/FEDERAL RESERVE/NOMINATIONS/TRUMP AS PRESIDENT/TRUMP PEOPLE: “President Donald Trump tweeted on Tuesday [7-2-19] that he intends to nominate Judy Shelton, a prominent advocate of returning to the gold standard, and St. Louis Federal Reserve economist Christopher Waller to the U.S. central bank’s board. The selections come after two of the president’s earlier picks for the Fed board withdrew from consideration amid an onslaught of criticism from members of both parties. The choice of Shelton, which follows months of Trump pressuring the Fed to cut interest rates, may also spark a backlash from lawmakers because few economists share her view that the dollar should be pegged to gold prices. Trump has increasingly sought to assert control over the Fed in the face of signs that the economy may be weakening, broadsides that Fed Chairman Jerome Powell has ignored. Still, the Fed is considering a rate cut later this month for the first time in a decade, citing trade tensions and slowing global growth. Two previous Trump nominees, Stephen Moore and Herman Cain, withdrew in the face of opposition from Senate Republicans, a stinging blow to the president’s efforts to install political loyalists at the central bank.”
–Victoria Guida, “Trump taps 2 for Fed board, risking new clash with Congress,” Politico, July 2, 2019 10:07 pm