Treasury Secretary Scott Bessent Appoints Gold Advocate Judy Shelton

Treasury Secretary Scott Bessent appointed economist Judy Shelton as Counselor to the Secretary in late September. Shelton will advise Bessent on currency policy, with a specific focus on evaluating financial conditions in China. Unlike Senate-confirmed roles, this counselor position does not require legislative approval, bypassing a 2019 Senate rejection of Shelton's nomination to the Federal Reserve Board over her views on the gold standard and central bank independence.

Shelton is a longtime gold advocate who has designed gold-convertible debt instruments, such as Treasury Trust Bonds and 50-year bonds backed by U.S. gold reserves. These proposals seek to lower government borrowing costs by offering investors gold redemption options in exchange for lower interest rates, a strategy considered as the national debt exceeds $40 trillion and 30-year Treasury yields reach 5.7%.

The appointment follows a Treasury audit valuing U.S. gold reserves at over $1 trillion and an executive order from President Donald Trump designating gold as a critical mineral. These moves occur as the People's Bank of China has increased its gold holdings for 22 consecutive months. The appointment also comes during a period of personnel turnover at the Treasury Department, where seven Senate-confirmed officials have recently departed.