According to the Wall Street Journal, allies of Republican presidential candidate Donald Trump are formulating proposals aimed at undermining the Federal Reserve’s autonomy in the event of his victory.
Citing sources familiar with the matter, the report reveals that a small cadre of Trump’s associates has crafted a nearly 10-page document outlining a policy framework for the central bank.
The proposed measures include advocating for Trump’s consultation on interest rate determinations and granting him the authority to dismiss Jerome Powell from his position as Fed Chair before the end of his term in 2026.
Trump, who initially appointed Powell to lead the Federal Reserve in 2017, later expressed discontent with him. In February, Trump announced he would not re-nominate Powell, suggesting that Powell might lower interest rates to bolster President Joe Biden‘s re-election prospects.
While it remains uncertain whether Trump is directly involved in or has endorsed the initiative, some close to the discussions believe it has received his tacit approval.
The former president has reportedly engaged in informal talks with advisers regarding potential candidates to lead the Fed and has inquired about individuals’ interest in the position.
Responding to the report, the Trump campaign sought to downplay its significance, emphasizing that unless officially communicated by Trump or authorized campaign personnel, no announcements regarding presidential staffing or policies should be deemed official.
