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Trump advisors are considering plans to dramatically revamp the Fed, WSJ report says

Posted on 4/26/24 at 9:28 am
Posted by Powerman
Member since Jan 2004
162907 posts
Posted on 4/26/24 at 9:28 am
quote:

The Wall Street Journal reported that the plan is highly secretive and part of a 10-page document that suggests Trump — if elected — would be consulted on interest rate decisions.


quote:


Along with those proposals, the draft contends that Trump could remove current Fed Chair Jerome Powell from office and require that Fed policy be aligned with the administration's goals.


CNBC Link

I'm questioning the authenticity of the WSJ report, but if that's true that would seem problematic.

I don't know what legal hurdles would be in their way, but the president shouldn't have that much authority.
Posted by Thundercles
Mars
Member since Sep 2010
5669 posts
Posted on 4/26/24 at 9:30 am to
Fed is far too powerful and politicized as it is. Should be abolished. President messing with it is recipe for disaster.
Posted by TDTOM
Member since Jan 2021
18093 posts
Posted on 4/26/24 at 9:31 am to
FBI
DOJ
CIA
DOL
DOE












Fed
Posted by TrueTiger
Chicken's most valuable
Member since Sep 2004
72277 posts
Posted on 4/26/24 at 9:32 am to
Better to scrap the Fed completely.
Posted by momentoftruth87
DeSantis Country
Member since Oct 2013
76697 posts
Posted on 4/26/24 at 9:32 am to
quote:

the president shouldn't have that much authority.


So a govt agency should just do what it wants against the president’s plan?

Does this mean y’all will stop blaming Trump for the deficit if he shouldn’t have any responsibility tied to it?
Posted by wutangfinancial
Treasure Valley
Member since Sep 2015
11460 posts
Posted on 4/26/24 at 9:32 am to
quote:

Fed is far too powerful and politicized as it is


Congress controls it so this is B.S. red meat. 1) it's not powerful 2) the executive will never "control" it the commercial banks do and always will
Posted by frogtown
Member since Aug 2017
5141 posts
Posted on 4/26/24 at 9:33 am to
quote:

President messing with it is recipe for disaster.


I agree.
Posted by Lou Pai
Member since Dec 2014
28895 posts
Posted on 4/26/24 at 9:33 am to
quote:

I'm questioning the authenticity of the WSJ report, but if that's true that would seem problematic.


It would be a disaster for the country long term if it were to play out like this. I'm sure you'll get the reflexive responses about muh Fed and muh Trump, but it's an awful idea.
Posted by VoxDawg
Glory, Glory
Member since Sep 2012
65323 posts
Posted on 4/26/24 at 9:34 am to
E
N
D

T
H
E

F
E
D
Posted by Lou Pai
Member since Dec 2014
28895 posts
Posted on 4/26/24 at 9:35 am to
quote:

So a govt agency should just do what it wants against the president’s plan?


It's not a government agency and monetary policy does not fall under the purview of the president

quote:

Does this mean y’all will stop blaming Trump for the deficit if he shouldn’t have any responsibility tied to it?


What?
Posted by GumboPot
Member since Mar 2009
125438 posts
Posted on 4/26/24 at 9:37 am to
quote:

I'm questioning the authenticity of the WSJ report, but if that's true that would seem problematic.



Do you think it's problematic for politics to influence the Fed chair's monetary policy?
Posted by thermal9221
Youngsville
Member since Feb 2005
13539 posts
Posted on 4/26/24 at 9:38 am to
They’ll kill him before he can do that.
Posted by DamnGood86
Member since Aug 2019
1057 posts
Posted on 4/26/24 at 9:38 am to
Based on the debasement of the dollar, the Fed is well on its way to ending itself.
Posted by lake chuck fan
westlake
Member since Aug 2011
13192 posts
Posted on 4/26/24 at 9:38 am to
Good. Needs to happen.
Posted by ronricks
Member since Mar 2021
8218 posts
Posted on 4/26/24 at 9:40 am to
No surprise since Trump is a big spending Liberal. This would be absolute disaster.
Posted by momentoftruth87
DeSantis Country
Member since Oct 2013
76697 posts
Posted on 4/26/24 at 9:43 am to
quote:

Lou Pai


Great the resident retard is back
Posted by cajunangelle
Member since Oct 2012
151403 posts
Posted on 4/26/24 at 9:44 am to
overly dramatic WSJ. go research Schedule F. Axios started clutching their pearls first.

they want people like you to become alarmed because they want all the levers of power.

the GangOf8 took away executive branch powers. the chamber of commerce runs DC. how dare Trump fix things as they slush in money. they are greedy POS in DC on both sides of the aisle.
Posted by GumboPot
Member since Mar 2009
125438 posts
Posted on 4/26/24 at 9:44 am to
quote:

They’ll kill him before he can do that.


Not really.

What is described in the article does not hurt the Fed.

This is a response from Trump team because it is a known fact that Jerome Powell politically acted against Trump to help get Biden elected.

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Biden has a Federal Reserve Chair making monetary policy decisions that help his administration.

Why can't Trump have the same in his administration?
Posted by HottyToddy7
Member since Sep 2010
14853 posts
Posted on 4/26/24 at 9:45 am to
Donald "Andrew Jackson" Trump.
Posted by momentoftruth87
DeSantis Country
Member since Oct 2013
76697 posts
Posted on 4/26/24 at 9:45 am to
Because lou pai and the bots say it’s unfair yet will blame Trump economically while Congress and the fed are the problem
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