Former U.S. President Donald Trump speaks to members of the media at the Manhattan Criminal Court in New York, U.S., Thursday, April 25, 2024.
Gina Moon | via Reuters
Former President Donald Trump’s political operatives are working on a plan that would give him unprecedented influence over the Federal Reserve, including a move that could make him an “acting” central bank board member, according to a Wall Street Journal report plan of.
These plans include magazine reports The contents, described as highly confidential, were part of a 10-page document indicating that Trump would be consulted on interest rate decisions if elected. In addition, the Treasury Department will serve as an additional check and balance to oversee the Fed’s bond-buying activities.
In addition to these proposals, the draft also believes that Trump can oust current Fed Chairman Powell and require Fed policy to be consistent with government goals. While in office, Trump harshly criticized Powell and other central bankers for raising interest rates and reportedly considered ousting him.
Trump campaign officials told the Wall Street Journal that the draft proposal should not be considered “official.” It’s unclear what authority the president has 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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