Plan would allow Trump, if elected, to oust Powell - WSJ (Il Sole 24 Ore Radiocor) - New York, 26 Apr - Allies of former president Donald Trump are working on a plan that would erode the Federal Reserve's independence, granting Trump, if elected, the authority to oust Jerome Powell as Fed chair before his four-year term ends in 2026, the Wall Street Journal said, citing people familiar with the matter.

"A small group of the former president's allies-whose work is so secretive that even some prominent former Trump economic aides weren't aware of it-has produced a roughly 10-page document outlining a policy vision for the central bank," the WSJ said.

The group of Trump allies argues that he should be consulted on interest-rate decisions, and the draft document recommends subjecting Fed regulations to White House review and more forcefully using the Treasury Department as a check on the central bank, the paper wrote.

'Let us be very specific here: unless a message is coming directly from President Trump or an authorized member of his campaign team, no aspect of future presidential staffing or policy announcements should be deemed official,' Trump senior advisers Susie Wiles and Chris LaCivita said in a statement, the WSJ said.

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(RADIOCOR) 26-04-24 14:20:23 (0393) 5 NNNN