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this post was submitted on 13 Jul 2024
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politics
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You do know who nominates the fed chairman, right?
I do. I also know that Trump nominated Chairman Powell to his first term, and Biden nominated him to his second. Seems they agree on something.
That's not even unusual; four out of the past five Fed chairs were nominated by at least two presidents from different parties.
So we agree the president can make a significant change to the federal reserve which you said is involved in monetary policy. Which means...
A president could, in theory make a campaign promise about what kind of people they would nominate to the Fed board. A friendly enough senate might even confirm those nominees.
Other than the chair and vice-chair, board members serve 14 year terms, which are intended to help insulate them from politics. A president with very specific ideas about monetary policy could put their thumb on the scale a bit, but the system is designed to resist that.
I've made my point. Good talk.