Judy Shelton, whose nomination to the Federal Reserve board was blocked by the Senate in 2019, has been appointed counselor to U.S. Treasury Secretary Scott Bessent. She will advise on currency policy with a particular focus on financial conditions in China, despite not being known as a China expert. Her hiring comes during a period of turmoil at Treasury, where seven Senate-confirmed senior officials left the department by the end of August, with only one position filled. David Zervos, former chief market strategist at Jefferies, was also named counselor, and neither appointment requires Senate confirmation.
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