From CNBC: 2024-04-26 07:04:32

Former President Donald Trump’s operatives aim to grant him substantial power over the Federal Reserve, potentially even an “acting” board member role. Plans include consulting Trump on interest rates and utilizing the Treasury Department for oversight. The draft suggests potential removal of Fed Chair Jerome Powell and alignment of Fed policy with administration goals. Uncertainty looms over the feasibility of these drastic measures.

Former President Donald Trump’s camp has drafted a plan to grant him significant influence over the Federal Reserve if he is re-elected. The proposal includes potential involvement in interest rate decisions and implementing checks and balances through the Treasury Department. However, the feasibility of this plan remains uncertain, with skepticism about the extent of the president’s authority over the traditionally independent Fed.

Read more: Trump advisors are considering plans to dramatically revamp the Fed, WSJ report says