Brief by Shorts91 Newsdesk / 03:58pm on 04 Feb 2024,Sunday International
Former US President and 2024 White House contender Donald Trump stated he would seek to replace Federal Reserve chair Jerome Powell, terming him "political." Trump, who appointed Powell during his presidency, accused him of potentially aiding Democrats by lowering interest rates. In an interview with Fox Business, Trump expressed concern over Powell's actions aligning with Democratic interests in the upcoming elections. Despite the Fed's mandate for independent action, US presidents nominate the Fed chair every four years, granting them influence over the central bank's direction. Powell's term, set to conclude in 2026, faces potential replacement under a Trump presidency.
