Candidates’ contrasting plans for the Federal Reserve
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Former President Donald Trump advocates for central bankers to align with presidential views on interest rates; Vice President Kamala Harris supports Fed autonomy. Trump has previously pressured the Fed to lower rates, warning that his influence could lead to harmful inflation. Reports indicate Trump’s advisors propose reforms to diminish the Fed's independence, including a 'shadow Fed chair' until Powell's term ends in May 2026. Trump's Project 2025 suggests eliminating the Fed's employment mandate and limiting its powers. Harris maintains that the Fed is independent and would not interfere with its decisions. Biden has occasionally commented on the Fed, supporting its rate hikes to combat inflation while respecting its independence.

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https://www.brookings.edu/articles/candidates-contrasting-plans-for-the-federal-reserve/