Trump Allies Want Fed Answerable To Him If He’s Elected: Report

Some supporters of former President Donald Trump are pushing for the Federal Reserve Board to be more answerable to the president, hoping that if Trump is elected in November he can influence the Fed’s policies, according to The Wall Street Journal (WSJ).

Some suggestions reportedly include the Fed consulting the president on interest rate changes, making Fed regulations subject to a review from the White House, and having the Fed monitored by the Treasury Department, a part of the executive branch. Although Fed chairman Jerome Powell’s term expires in 2026, the group would allegedly like Trump to have the capacity to oust Powell before then if he sees fit, leaving Powell as a member of the board of governors but no longer the Fed chairman. All governors of the Fed have a 14-year term.