Trump has four more chances to expand influence over Fed policy

President Donald Trump’s efforts to create vacancies at the Federal Reserve have been checked by court rulings and Senate opposition, but four personnel developments could still increase his influence over monetary policy and alter the voting structure of the Federal Open Market Committee. The pressure points are Fed Governor Lisa Cook’s ongoing dismissal case, Jerome Powell’s decision to remain a Fed governor until early 2028 after leaving the chair, Vice Chair Philip Jefferson’s choice next year on whether to remain after his leadership term ends, and the appointment of the next Atlanta Fed president. Trump has supported Fed Chairman Kevin Warsh even though Warsh has not endorsed the interest-rate cuts the president has demanded and abandoned rate guidance in June, shortly after taking over the central bank. The outcome of these personnel decisions and disputes will help determine how much influence Trump ultimately gains over the Fed’s policy committee.

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