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About the Commission - Bios


Commission Member

Gilbert L. Shelton

Gilbert “Gil” Shelton was born in Butler, Missouri and grew up in Kansas City, Missouri, where he graduated from high school. He served two years in the U. S. Marine Corps before graduating from college. He graduated from Yale University in 1960 with a B.S. in Industrial Administration, and received his MBA in Finance and Accounting from Northwestern University in 1963.

While earning his MBA, he worked as an auditor and management consultant for Arthur Young & Co., CPAs in Chicago. His major clients were Lockheed Aircraft, Swift & Co, Rand McNally & Co, Continental Illinois National Bank, and National Bank of Detroit. In 1968, he joined National Bank of Detroit as assistant vice president and manager in charge of internal operating departments, including data processing, employing 1,500 people.

In 1968, he was offered the position of manager (and later partner) of Touche Ross & Co, CPAs, in San Francisco, California, in the Management Services Department. Although he worked with clients in several industries, his primary clients were in the banking and government sectors and his major areas of consulting were organization, finance and accounting. Among his clients were Bank of California, Crocker National Bank, Seattle First National Bank, the State of California, and the City-County of San Francisco. While at Touche Ross & Co., in 1969, he had the unique honor of working on a project requested by Governor Ronald Reagan to determine which functions performed by state employees were competing with private companies, as a prelude to privatizing them. He reported the results of the firm’s study directly to Governor Reagan.

In 1970, he purchased a major interest in a local-regional bank in Salt Lake City, Utah, and left Touche Ross to become the Chairman and CEO of Tracy-Collins Bank and Trust Co. Subsequently, with a partner, he purchased interests and incorporated three banks in Colorado, two additional banks in Utah, and a savings and loan institution in Hawaii, sitting on the boards of directors of all of them. In 1982, due to major changes in government regulations in the financial industry that were becoming unfavorable to local-regional banks, he decided to sell his stake in all these banks and the savings and loan to pursue other interests.

During the 1980s, Gil and his wife, Judy, purchased and managed operating cattle ranches in Wyoming, Nevada, and California. They moved to Middleburg, Virginia in 1985, maintaining the ranches until 1991. After moving to Virginia, Gil managed their real estate and securities investments while Judy wrote two books on the Soviet Union and the international monetary system while serving as a Senior Research Fellow at Hoover Institution at Stanford.

Gil served as a board member and Chairman of the Audit Committee of Caesars Entertainment, Inc. from 1998 to 2004, when it was sold to Harrah’s Casinos. He also has served on the board of directors of the National Rifle Association, of which he was Chairman of the Finance Committee for thirteen years. Judy currently serves as Vice-Chairman of the Board of National Endowment for Democracy (NED) in Washington D.C. Her duties at NED require frequent international trips to exotic places, which they do with great enthusiasm. She also writes frequently for the Wall Street Journal and has testified numerous times at congressional hearings.

In 2005, Gil and Judy moved from Middleburg to Moss Neck Manor in Caroline County near Fredericksburg. Their interests include archeology (digs in Amorogos, Greece and Pompeii, Italy), hunting, fishing, and their many pets.

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