Trump declares American presidents should have role in decisions made by Federal Reserve

(MENAFN) On Thursday, Republican presidential candidate Donald Trump expressed his belief that American presidents should have a role in monetary policy decisions made by the Federal Reserve. Speaking at a news conference at his Mar-a-Lago residence in Florida, Trump argued that the president should have at least some influence over the Fed's decisions. He asserted, "I feel the president should have at least a say in there. Yeah, I feel that strongly," reflecting his conviction on the matter.

Trump, who noted his success and financial acumen, claimed that his instincts in economic matters might surpass those of individuals typically appointed to the Federal Reserve or its chairmanship. Despite having nominated Jerome Powell for Fed Chairman in November 2017, Trump later became a vocal critic of Powell, pressuring him to lower interest rates to bolster US stock markets. Trump accused Powell of being "political" and suggested that lowering interest rates might be used to benefit Democrats in the upcoming 2024 presidential election.

Although Trump had previously threatened to remove Powell from his position during his presidency, he indicated last month that he would allow Powell to complete his term if he were to win the presidential election in November. Powell's current term as Fed Chairman is set to expire in early 2026, but his tenure as a Fed governor extends until January 31, 2028. This situation highlights the ongoing debate and tension regarding the appropriate level of presidential influence over the Federal Reserve's operations.

MENAFN11082024000045015839ID1108541128