(Bloomberg) -- The Federal Reserve’s insulation from politicalpressure will be respected by President-elect Donald Trump’sadministration, economic adviser Judy Shelton said.

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“The Fed is independent and will remain independent,” Sheltontold Bloomberg Television’s David Gura in an interview Friday.Asked if Fed Chair Janet Yellen will serve the remainder of herterm, Shelton said “I can’t imagine why she wouldn’t.”

Trump’s election has spurred speculation over whetherRepublican-backed Fed reform proposals -- such as subjectingmonetary policy to an audit or a mechanical rate-setting rule --could become law, potentially limiting the Fed’s independence. As acandidate, Trump alternately said that he respected Yellen and thatshe was “highly political,” was keeping interest rates low tobenefit Democratic President Barack Obama, and should be ashamed ofherself.

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“He reserves the right, when her term expires, to appointsomeone else if he so chooses,” Shelton said in a Bloomberg Radiointerview following her TV appearance. Yellen’s time as chair endsin 2018, unless she’s reappointed.

While the business world is focused on the Fed, Trump is lookingat growth and focusing on “making it real” and trying to “get theeconomy growing in a substantive way,” said Shelton, who is aneconomist and co-director of the Sound Money Project at AtlasNetwork in Washington. She called the Fed a “wag-the-dog”institution.

Shelton, who favors returning to a gold standard, said shecouldn’t speculate whether Trump might try to return to it and thatdoing so would “obviously be a very difficult transition.” Trump islooking to curb currency manipulation and make sure that low ratesdon’t create a false economy, she said.

“There’s really intellectual consistency there -- he’s talkingabout monetary integrity,” Shelton said.

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