Part 6/11:
Beyond direct firings, Trump’s influence extends through strategic appointments. He has already appointed multiple Fed governors aligned with his economic views, comprising a majority of the seven-member Board of Governors. Two more appointments are pending, which could further tilt the balance of policymaking influence in his favor.
However, the Federal Reserve’s policymaking body—the FOMC—includes not just these appointed governors but also 12 regional bank presidents, who are selected through a process separate from presidential appointment, although subject to approval. The regional banks’ independence acts as a counterbalance, but the more appointed members Trump secures, the greater his potential influence over U.S. monetary policy.