Trump plans to tighten control of interest rate decisions
Published: 06:58 26 Apr 2024 EDT
Donald Trump and his Republican allies have been developing plans to mute the Federal Reserve's impact on interest rate setting and instead give themselves more control over the decision, reports revealed.
Supporters of the former president and likely Republican nominee for the upcoming election drafted a document which outlined how Trump should interact with the central bank should he assume power.
Recommendations include putting the Fed's decisions under review by the White House and asking its chair to discuss interest rate policy with the president before it is enacted.
Trump is believed to be frustrated with the current policy of the Fed and is said to have complained to Fed chair Jerome Powell about rates being kept at 23-year highs for an extended period.
Jerome Powell was chosen as the Federal Reserve's chief by Trump back when he was president in 2017.
