Former President Donald Trump’s political team is crafting a strategy to give him remarkable control over the Federal Reserve, as per The Wall Street Journal’s report.
The plan, described as secretive, is outlined in a 10-page document. It proposes that if Trump were re-elected, he could become an “acting” member of the central bank board.
This would grant him a say in interest rate decisions, along with introducing Treasury Department oversight of the Fed’s bond-buying actions.
Additionally, the draft suggests Trump could remove current Fed Chair Jerome Powell and ensure that Fed policies align with the administration’s objectives. During his presidency, Trump openly criticized Powell and the Fed for raising interest rates, even contemplating Powell’s dismissal.
However, Trump’s campaign officials downplayed the significance of the draft, stating it shouldn’t be viewed as “official.”
It remains uncertain how much authority the president would legitimately have to implement such drastic measures on an institution like the Fed, which typically operates independently from political influence.
The Fed declined to comment on the report.
