From Trump team with proposals to undermine Fed independence if he wins election – Business

Allies of Republican presidential candidate Donald Trump are drafting proposals that would try to undermine the independence of the Federal Reserve if he wins the election and returns to the White House, the Wall Street Journal reported, citing people familiar with the matter.

A small group of allies of the former president has drawn up a nearly 10-page document outlining a political vision for the central bank, the financial publication said.

The document said Trump must be consulted on interest rate decisions and would have the power to remove Jerome Powell as Fed chairman before his term ends in 2026.

Trump picked Powell to lead the US central bank in 2017, but turned against him soon after. In February of this year, he said he would not reappoint Powell and believed the Fed chief would cut interest rates to help the eventual re-election of Joe Biden for a second term as president.

The Wall Street Journal noted that it could not determine whether the former president was aware of or approved the proposals, but some people close to the discussions believe that work on the document had his blessing.

The former president has had informal discussions with advisers about possible candidates who to lead the Fed and asked his associates if any of them would be interested in taking over, the financial publication said.

Working on the publication: Yavor Rimski

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