Fed Board of Governors nomination Q&A begins....>

FED: Fed Board of Governors nomination Q&A begins.

- First Q re Fed independence: Shelton says independence vital aspect of its

credibility to the public. Waller says has 'lived and breathed' central bank

independence throughout his career.

- Q: Re views on Gold Standard. Shelton: I would not advocate going back to a

prior historical monetary arrangement. Important to acknowledge that the power

to regulate the value of money has been given to Congress. That is the framework

under which I will make decisions if I am confirmed. Can gain valuable insights

by looking at monetary systems through history. Only look at [the gold standard]

in that sense.

- Waller: Have looked at both fiat and gold-backed systems; no need for the

latter.