EXCLUSIVE

Trump Allies Draw Up Plans to Blunt Fed’s Independence

Some Trump advisers argue that the president should be consulted on interest-rate decisions

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A policy vision for the Federal Reserve is outlined in a draft document. MORIAH RATNER/BLOOMBERG NEWS

By Andrew Restuccia,
https://twitter.com/andrewrestuccia
andrew.restuccia@wsj.com
Nick Timiraos
https://twitter.com/NickTimiraos
Nick.Timiraos@wsj.com
and Alex Leary
https://twitter.com/learyreports
alex.leary@wsj.com
April 25, 2024 9:00 pm ET

WASHINGTON—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.

Former Trump administration officials and other supporters of the presumptive GOP nominee have in recent months discussed a range of proposals, from incremental policy changes to a long-shot assertion that the president himself should play a role in setting interest rates. 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, according to people familiar with the matter.

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