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- Donald Trump's allies are reported to be drafting proposals to erode the Federal Reserve's independence if the presumptive Republican presidential nominee regains the White House, with installing loyalists at the central bank as a key element.
Trump succeeded in appointing four board members during his presidency and elevated Jerome Powell, who was already a governor through an appointment by Trump's predecessor, Democrat Barack Obama, to be the Fed chair. The FOMC, which has the all-important role of setting interest rate policy, comprises all seven board governors, the president of the Federal Reserve Bank of New York, and four other regional bank presidents on a rotating basis.Fed governors are appointed by the president and confirmed by the Senate for 14-year terms, or for the unexpired remainder of a 14-year term for a previous incumbent. Term expirations are staggered at two-year intervals, with the next one due in 2026.
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