FORMER PRESIDENT AND ONE OF THE RICHEST ENTREPRENEUR DONALD TRUMP ALLIES DRAWS PLANS TO BLUNT FED's INDEPENDENCE

Mr. Donald Trump’s allies are quietly drafting proposals that would attempt to erode the Federal Reserve’s independence if the former president wins a second term, in the midst of a deepening divide among his advisers over how aggressively to challenge the central bank’s authority.


The group of  Mr. 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 group also contends that former President Trump, if he returns to the White House, would have the authority to oust  Jerome Powell as Fed chair before his four-year term ends in 2026.