Dick Bove: Trump poised to take control of the Federal Reserve

  • President Trump sharply criticized the Federal Reserve this week, saying interest rate increases are hurting the economy.
  • Trump will have the opportunity to fashion the central bank in the image he would like as he has four vacancies to fill on the board of governors.
  • The result could be a more politicized Fed.

President Donald Trump has multiple reasons as to why he should take control of the Federal Reserve. He will do so both because he can and because his broader policies argue that he should do so. The president is anti-overregulating American industry. The Fed is a leader in pushing stringent regulation on the nation. By raising interest rates and stopping the growth in the money supply it stands in the way of further growth in the American economy.

First, He Can

The Board of Governors of the Federal Reserve is required to have seven members. It has three. Two of the current governors were put into their position by President Trump. Two more have been nominated by the president and are awaiting confirmation by the Senate. After these two are put on the Fed’s board, the president will then nominate two more to follow them. In essence, it is possible that six of the seven Board members will be put in place by Trump.

The Federal Open Market Committee has 12 members and sets the nation’s monetary policy. Seven of the 12 are the members of the Board of Governors. Five additional are Federal Reserve district bank presidents. Other than the head of the Fed bank in New York, who was nominated by the president, the other four can only take their positions as district bank presidents if the board in Washington agrees to their hiring. One of these, the Fed Bank president in Minneapolis, Neel Kashkari, is already arguing for no further rate increases.

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Comment by David Field on July 22, 2018 at 7:05am

Adding to Mark Sanders comment where he writes, "...or, watch the dollar follow the path of the Venezuelan Bolivar," I would ask there what is meant by that? I ask because I see Venezuela releasing a digital currency to replace there Sole or dollar (not sure of the name actually) that now takes a suitcase of 100's to equate to one US dollar and the people weren't allowed to buy their new currency with the old...bummer. But maybe that was because there literally was no value in it, especially if it was artificially pegged to the dollar which is worth, as a fiat based speculative currency, not pegged to gold but holds its entire value by the power of the gun under the table of which we all trade. This means were going back to an older form of securities backed currency that are finite rather than bottomless pits of unaudited debt possibly. For the Venezuelan government they have transferred the wealth of one currency into another. Those in the know transfer whatever currency they hold into assets and those that just sit and watch with astonishing disbelief can't ever really say they didn't see that one coming. Is this the pathway you are suggesting. Apologies it is not possible to comment directly on your own comment!

Comment by richard terrence on July 21, 2018 at 11:05am

the Fed, of course, was created by and controlled by the Khazarian Rothschild mafia. NOT good people at all.

Comment by Boris on July 21, 2018 at 8:57am

"Love the One You're With" i

Comment by Larry L on July 21, 2018 at 7:54am

How is Trump working for US when he works for Boeing and all the other WARMONGERS?  Continued aiding and arming the ISRAELI ISIS.  Continued the war in Afghanistan. Continued pouring money into the Y=35 TURKEY when CANDIDATE Trump said he would kill it.  He has appointed every swamp creature there including Sessions, Pompeo, BOLTON and MORE?  Looks like the same SHIT TO ME! Wont talk about the ISRAELI 911 attack or FAKE SANDY HOOK. Over 80 Americans were MURDERED from a HELICOPTER in Vegas. Nothing but LIES THERE!  And kids sacrificed in Parkland....... 

Comment by Boris on July 20, 2018 at 11:37pm
Comment by Mark Sanders on July 20, 2018 at 10:35pm

If Trump can't get Congress to audit the Fed, it won't matter how many people he appoints. Close the Fed and let the Treasury print money without interest. Or, watch the dollar follow the path of the Venezuelan Bolivar.

Comment by Boris on July 20, 2018 at 8:33pm

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