Former Federal Reserve Adviser Criticizes Trump Allies’ Proposed Changes to the Fed

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Nausheen Thusoo
13 seconds ago
24/7 Cryptocurrency News

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Key Updates

• Former Federal Reserve Board special adviser Andy Levin raises concerns about proposed Fed remodeling by Donald Trump and his allies.
• The financial market’s anxiety increases due to the Fed’s aggressive stance and interest rate hike plans affecting investor confidence.
• Rumors suggest the Treasury Department could oversee Fed’s bond purchases, potentially granting more executive control.

Andy Levin, a former Federal Reserve Board special adviser, has spoken out against Donald Trump and his associates’ rumored agenda to reshape the Federal Reserve. The confidential 10-page proposal hints at granting Trump unprecedented authority over the central bank, possibly even allowing him to remove Fed Chair Jerome Powell.

Insights from Andy Levin on Fed Restructuring Possibilities

During an interview with Yahoo Finance, Andy Levin emphasized the challenge the upcoming administration might face in addressing public dissatisfaction.

Although skeptical about Trump’s influence on the Federal Reserve, Levin acknowledged the institution’s complexity. While external support can improve the Fed’s functioning, any political interference is deemed unsuitable and unlikely.

Discover More: Senate Raises Concerns Over Trump’s Hush Money Trial in New York

Exploring Trump’s Federal Reserve Overhaul Plan

Reports from CNBC, referencing The Wall Street Journal, uncover deliberations by former President Donald Trump and his advisors regarding significant alterations to the Federal Reserve.

Recent market unease stems from concerns about the Fed’s monetary policy and potential interest rate increases. Additionally, the unexpected uptick in PCE inflation data has shaken investor trust. Amidst these anxieties, Trump’s proposed directive grabs global financial markets’ and the cryptocurrency industry’s attention.

The confidential proposal aims to grant unparalleled authority to Trump over the Federal Reserve’s decision-making process. The supposed plan includes appointing Trump as an “acting” member of the central bank board and seeking his input on interest rate determinations.

Moreover, the suggestion that the Treasury Department could oversee the Fed’s bond procurement introduces another layer of executive supervision. Such actions could signal a drastic departure from the Federal Reserve’s historical autonomy, raising concerns about politicizing monetary policies.

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