Previous US President Donald Trump speaks to members of the media at Manhattan criminal court in New York, US, on Thursday, April 25, 2024.
Jeenah Moon | Via Reuters
Past President Donald Trump’s political operatives are putting together a plan that would give him unprecedented modify over the Federal Reserve, including a provision that could make him an “acting” central bank board colleague, according to a report from The Wall Street Journal.
That plan, which the Journal report described as importantly secretive, is part of a 10-page document that suggests Trump — if elected — would be consulted on interest rate decrees. In addition, the Treasury Department would be used as an added check and balance to oversee the Fed’s bond-buying activities.
Along with those outlines, the draft contends that Trump could remove current Fed Chair Jerome Powell from office and order that Fed policy be aligned with the administration’s goals. While in office, Trump harshly criticized Powell and his individual central bankers as they were raising interest rates and reportedly considered ousting him.
Trump campaign officials put the Journal that the draft proposals shouldn’t be considered “official.”
It’s unclear what authority the president would bear to take such bold steps on a Fed that traditionally has sought to insulate its activities from outside political urgency.
A Fed spokesperson declined to comment on the report.