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

Former
President
Donald
Trump’s
political
operatives
are
putting
together
a
plan
that
would
give
him
unprecedented
influence
over
the
Federal
Reserve,
including
a
plan
that
could
make
him
an “acting”
central
bank
board
member,
according
to
a
Wall
Street
Journal
report.

The
plans,
which

the
Journal
report
described
as
highly
secretive,
are
part
of
a
10-page
document
that
suggests
Trump
—
if
elected
—
would
be
consulted
on
interest
rate
decisions.
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
proposals,
the
draft
contends
that
Trump
could
remove
current
Fed
Chair
Jerome
Powell
from
office
and
require
that
Fed
policy
be
aligned
with
the
administration’s
goals.
While
in
office,
Trump
harshly
criticized
Powell
and
his
fellow
central
bankers
as
they
were
raising
interest
rates
and
reportedly
considered
ousting
him.

Trump
campaign
officials
told
the
Journal
that
the
draft
proposals
shouldn’t
be
considered “official.”
It’s
unclear
what
authority
the
president
would
have
to
take
such
bold
steps
on
a
Fed
that
traditionally
has
sought
to
protect
its
activities
from
outside
political
pressure.

A
Fed
spokesperson
declined
to
comment
on
the
report.