Former U.S. President Donald Trump speaks to members of the media outside the Manhattan Criminal Court in New York, U.S., on Thursday, April 25, 2024.
Jeenah Moon | Via Reuters
According to a Wall Street Journal report, former President Donald Trump’s political aides are working on a plan that would give him unprecedented influence over the Federal Reserve, including a plan that could make him an “acting” board member of the central bank.
The plans, which the Journal report described as extremely secret, are part of a 10-page document suggesting that Trump, if elected, would be consulted on interest rate decisions. In addition, the Treasury Department would serve as an additional oversight body to monitor the Fed’s bond-buying activities.
Along with these proposals, the draft would allow Trump to remove current Fed Chairman Jerome Powell from office and demand that Fed policy be consistent with the administration’s goals. During his time in office, Trump sharply criticized Powell and his fellow central bankers for raising interest rates and reportedly considering ousting him.
Trump campaign officials told the Journal that the draft proposals should not be considered “official.” It is unclear what authority the president would have to take such bold steps against a Fed that has traditionally sought to shield its activities from outside political pressure.
A Fed spokesman declined to comment on the report.
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2024-04-26 11:04:32
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