Foreign media: Trump extends his influence over the Federal Reserve to regional Feds

Jinse Finance reported, citing foreign media, that the Trump administration is considering measures to influence regional Federal Reserve Banks and strengthen the review process for selecting local Fed presidents. If Trump's decision to remove Federal Reserve Governor Cook is upheld in court, he will have the opportunity to secure a majority on the seven-member Federal Reserve Board of Governors. However, the FOMC, which is responsible for setting interest rates, also includes five regional Fed presidents. Unlike Fed governors, these presidents are not nominated by the White House nor do they require Senate approval. According to a source familiar with the matter, Trump's statement later on Monday heightened these concerns, prompting the regional Fed presidents to call each other to discuss what Cook's dismissal might mean for them. One insider stated that the administration's goal is not to make the central bank more dovish, but rather to review how regional presidents are selected, since they do not require Senate confirmation.