President Donald Trump is moving to secure a majority of his own appointees on the Federal Reserve board, a shift that could strongly influence the central bank’s monetary policy direction.
The president, speaking during a Cabinet meeting on Tuesday, reaffirmed his intention to fill upcoming vacancies on the Fed’s seven-member board with candidates who support deeper interest rate cuts.
This latest push comes as Trump attempts to remove Governor Lisa Cook, who was appointed by his predecessor, former President Joe Biden, and has faced scrutiny over mortgage-related allegations now under Justice Department investigation.
Cook, however, plans to challenge her removal in court, with her attorney confirming that legal action is underway to preserve her tenure.
The Federal Reserve has signaled it will respect the court’s decision on the matter and emphasized that protections for board members are in place to preserve the institution’s independence and ensure decisions are data-driven.
Regarding upcoming appointments, Trump has already named two of the current board members and is preparing to nominate economic advisor Stephen Miran to fill a soon-to-be-vacant seat, after Governor Adriana Kugler’s announced departure.
Trump suggests these moves will soon give his nominees a majority on the board, which he believes will facilitate a more aggressive lowering of interest rates—something he contends is needed to boost sectors like housing.
Trump also reiterated his frustration with Fed Chair Jerome Powell for maintaining current rate levels, insisting that high rates are holding back the housing market. The White House has defended the president’s authority to remove Fed governors “for cause,” while Trump maintains he will abide by any court rulings regarding Cook’s future on the board.
