The Debate Over the Fed Begins

Editorial of The New York Sun | July 7, 2019

It can't be entirely a coincidence that the first move by a major newspaper against the confirmation of Judy Shelton as a governor of the Federal Reserve should come from the Washington Post. It is, after all, the only newspaper in America to have been launched to glory by, in Eugene Meyer, a just-retired chairman of our central bank. Yet the Post gets into none of that history in its editorial this morning in respect of Ms. Shelton. It's not hard to see why.

The Post’s beef against Ms. Shelton is not that she lacks for credentials. It calls her academic credentials “strong” and acknowledges that she has held public positions in what we would call two non-political agencies, the National Endowment for Democracy, which she chaired, and the European Bank for Reconstruction and Development, to which she is currently America’s representative. What the Post objects to, for starters, is that she’s had an “eminently political career.”..........Continue Reading