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Judy Shelton: Kevin Warsh and the erosion of the dollar
By Judy Shelton
The Wall Street Journal
Sunday, April 19, 2026
Kevin Warsh is scheduled to testify before the Senate Banking Committee on Tuesday. The vote on his confirmation as Federal Reserve chairman may hinge on the Justice Department's dropping its inquiry into whether the current chairman, Jerome Powell, testified inaccurately about cost overruns in renovating Fed headquarters.
It would be a pity if we have to wait. The U.S. dollar would benefit from new thinking at the Fed.
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Lawmakers should be much more focused on the damage that Fed policies are inflicting on the soundness of America's money. It's also time that Congress, which is charged with ensuring a trustworthy currency, recognized that outsourcing this responsibility to the Fed is a big part of the problem.
Article I, Section 8 of the Constitution grants Congress the power to regulate the value of money. The same sentence grants Congress the power to fix the standard of weights and measures.
America's money was meant to provide a reliable measure and store of value. An unvarying monetary standard was integral to the founders' vision of a nation dedicated to personal liberty and economic freedom. James Madison believed a depreciating currency was "unconstitutional" because it "affects the rights of property as much as taking away equal value in land." ...
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