It Is Quite Likely That Some Of Our Faves Are Implicated

Ah, well, nevertheless.

House Speaker Nancy Pelosi chose her friend, freshman Congresswoman Donna Shalala (D-FL).

This is a stunning selection. Shalala, according to sources, had no interest in the job. She has no expertise in the financial industry or the Fed. The two committees that would prepare you for this position are Financial Services and Oversight (Porter sits on both). Shalala sits on Education and Labor and Rules. She’s on the early childhood education subcommittee, so if that ever comes up in discussing the Fed’s corporate bond or high-yield ETF purchases we’re in good shape.

Yes, Shalala was Health and Human Services Secretary. In her public statement, Pelosi highlights that, saying Shalala will “ensure that this historic coronavirus relief package is being used wisely and efficiently to protect the lives and livelihoods of the American people, and not be exploited by profiteers and price-gougers.”

But the oversight panel has nothing to do with public health or the pandemic. It’s supposed to examine Federal Reserve lending programs and whether they are assisting the public in economic stabilization and job recovery. These are deliberately complex programs that require for oversight someone with a passing familiarity with the financial system and corporate America. The only expertise Shalala has in all that comes from all the stocks she owns.