Treasury Secretary Scott Bessent hires Judy Shelton as currency policy advisor

Treasury Secretary Scott Bessent announced today that he has hired former Trump Fed nominee Judy Shelton as a counselor to advise on currency policy, with a focus on evaluating financial conditions in China. Shelton joins the Treasury after a controversial career that saw her Senate nomination blocked in 2019 over her views on Fed independence and the gold standard.

The Treasury said Shelton will help shape U.S. currency strategy, especially regarding China’s financial system. Shelton, however, is not widely known as a China specialist. Her published work includes “The Coming Soviet Crash” (1989) and “Money Meltdown” (1994), which argued for a unified international monetary regime. She has also served as a senior fellow at the Independent Institute and the Hoover Institution at Stanford, and holds a Ph.D. in business administration from the University of Utah.

Her appointment comes amid a period of high turnover at the Treasury. A recent Wall Street Journal piece noted that seven Senate‑confirmed officials had left the department by the end of August, leaving only one open position filled. Bessent’s move follows his recent decision to name former Jefferies chief market strategist David Zervos as a counselor—a role that, like Shelton’s, does not require Senate confirmation. The Treasury’s statement said Shelton’s expertise in analyzing the internal monetary and financial conditions of nations and their impact on exchange rates will be valuable for the department’s work.

The addition of Shelton signals the Treasury’s intent to broaden its economic advisory team despite political setbacks. Her controversial background and the current staff churn raise questions about the department’s future direction, especially as it navigates complex international monetary issues. The Treasury will release a formal announcement later this Friday, outlining how Shelton’s role fits into its broader economic strategy.