Trump’s Plans: No Ousting Powell, Eyeing Dimon for Treasury

Former President Donald Trump announced he will not try to oust Federal Reserve Chair Jerome Powell before his term ends, while considering JPMorgan CEO Jamie Dimon for Treasury Secretary if he wins the November 5 election. Trump highlighted his economic policies and reiterated his stance on tariffs and corporate tax reforms.

Former President Donald Trump has confirmed he will not attempt to remove Federal Reserve Chair Jerome Powell before the end of Powell's term. Trump also revealed he is considering JPMorgan CEO Jamie Dimon for the position of Treasury Secretary, should he win the upcoming November 5 election. The remarks, published in a Bloomberg interview, follow Powell’s statement that he has no plans to leave his role before his term expires.

Trump and Powell have had a contentious relationship, with Trump criticizing Powell's interest rate hikes during his first year as Fed chair. Despite threats to fire Powell, Trump's aides indicated that such an action may be beyond his powers. In contrast, President Joe Biden has refrained from interfering with Powell’s decisions. Trump has vocalized that the Federal Reserve should not cut rates before the election, while Powell asserted that the Fed does not consider political factors in their policymaking.

Regarding Jamie Dimon, Trump’s contemplation of the JPMorgan CEO for Treasury Secretary comes after previously labeling Dimon as a “Highly overrated Globalist.” Although critical in the past, Dimon has expressed agreement with some of Trump’s policies. Trump also mentioned the possibility of lowering the corporate tax rate to 15% and imposing significant tariffs on imports, highlighting his stance on economic reform and trade policies.