Trump Team Weighing Options to Extend Influence to Fed Banks

[Yo_Mama_Been_Loggin]

(Bloomberg) — The Trump administration is reviewing options for exerting more influence over the Federal Reserve’s 12 regional banks that would potentially extend its reach beyond personnel appointments in Washington, according to people familiar with the matter.

President Donald Trump’s move on Monday to oust Fed Governor Lisa Cook, if it holds up in court, would give him an opportunity to a secure a majority on the seven-person Board of Governors. But the central bank’s Federal Open Market Committee, which is responsible for setting interest rates, also includes five regional bank presidents who — unlike the governors — aren’t nominated by the White House or confirmed by the Senate.

Scrutiny from the administration of the process for selecting and reappointing reserve bank presidents — responsibility for which is shared between the private-sector boards of those banks and the Board of Governors — would mark another extraordinary step in Trump’s ongoing campaign to influence monetary policy, which has traditionally been provided some insulation from political pressure.

The Board of Governors is next scheduled to authorize the current roster of reserve bank presidents in a once-in-five-year exercise in February. That event now looms large in the wake of Trump’s declaration of Cook’s removal from her post, which followed allegations by the administration that she had engaged in mortgage fraud. Cook aims to contest the move, her lawyer said Tuesday.

https://finance.yahoo.com/news/trump-team-weighing-options-extend-203258298.html

Leave it the fuck alone Slobfather. You've wrecked enough already.

[vapor2]

1. So tired of hearing this is unprecedented

There needs to be an end to his power grab period