Donald Trump said he would like to have a “voice” in setting interest rates if he is re-elected next November.
If he were to become President of the United States, he would reduce the independence of the Federal Reserve in its monetary policy decisions, reported the Yahoo Finance website.
“I feel that the President should at least have a say, yes, I firmly believe that,” he said at a press conference at his Mar-a-Lago club in Florida.
His comment followed a series of calls by his supporters over the past few months on the issue, ranging from firing Federal Reserve Chairman Jerome Powell to an elaborate plan, reported by The Wall Street Journal, to give Trump a role in setting interest rates.
Trump has previously said he believes he has the authority to fire the Federal Reserve chairman, although some legal experts disagree.
“In my case, I’ve made a lot of money. I’ve had a lot of success and I think I have better instincts than, in many cases, people who would be at the Federal Reserve or the president,” Trump said this week, criticizing the central bank for making many mistakes.
He has also warned that he will criticize any rate cuts before the election, saying in a recent interview with Fox Business that Powell is “going to do something to probably help the Democrats.”
Powell is charged with remaining Fed chair until May 2026 and as a member of the Federal Reserve’s board of governors until 2028.
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