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Former US president and 2024 White House candidate Donald Trump has said he will consider replacing Jerome Powell, the Federal Reserve’s “political” chairman, when his term ends in 2026.
In an interview released Friday, President Trump accused Powell, the first president of his presidency to appoint him to run an independent U.S. central bank, of being “political” and said he wanted Powell to help the Democrat’s re-election bid. He has hinted that he may move ahead with lower interest rates.
In an interview with Fox Business published Friday, President Trump referenced the upcoming presidential election in November and said, “I think he’s probably going to do something to help the Democratic Party.”
Trump, a front-runner for the Republican nomination, added: “It looks to me like they’re probably trying to lower interest rates to get people elected.”
Trump is likely to face incumbent President Joe Biden, who has emphasized positive economic indicators in recent weeks as he prepares for a tough fight to remain in the White House.
The Federal Reserve is tasked with acting independently of Congress and the White House in the twin battles of controlling inflation and unemployment.
But the U.S. president is responsible for appointing the Fed chair every four years, giving him some say in the direction, if not the day-to-day operations, of the powerful central bank.
Despite appointing Powell to the top post in 2018, Trump has since criticized Powell for not doing more to support economic policy during his time in office, and he has criticized Powell for not doing more to support economic policy during his time in office. broke with a long-standing tradition of respecting the independence of
Joe Biden, who was elected president in 2020, will reappoint Powell to a second four-year term in 2022, which is scheduled to end in 2026.
Under Mr. Powell’s leadership, the Fed has combated high inflation by raising interest rates, and recently voted to keep interest rates on hold while hinting at lower rates.
Asked who would replace Powell as Fed chair, Donald Trump said there were “several options.”
However, he added, “I can’t say that right now.”
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