JPMorgan Warns Trump’s Fed Pick Could Reshape Monetary Policy

Donald Trump’s nomination of Stephen Miran for a Federal Reserve board seat has raised eyebrows, as analysts at JPMorgan fear it might signal a larger plan to alter the structure and influence of the Federal Reserve. According to Fortune, this appointment could give Trump greater control over monetary policymaking by undermining the Fed’s autonomy. JPMorgan’s chief economist Bruce Kasman and his team highlight Miran’s potential to push for significant changes to the Federal Reserve Act,** which defines the Fed’s powers. These potential reforms include granting the president authority to fire board members and regional bank presidents, giving Congress control over the Fed’s budget, and transferring oversight of banks and markets from the Fed to the Treasury Department. The analysts warn that these changes would significantly enhance presidential influence over US monetary policy.