Trump Team Weighing Options to Extend Influence to Fed Banks

The Trump administration is reviewing options for exerting more influence over the Federal Reserve’s 12 regional banks that would potentially extend its reach beyond personnel appointments in Washington, according to people familiar with the matter.

President Donald Trump’s move on Monday to oust Fed Governor Lisa Cook, if it holds up in court, would give him an opportunity to secure a majority on the seven-person Board of Governors. But the central bank’s Federal Open Market Committee, which is responsible for setting interest rates, also includes five regional bank presidents who — unlike the governors — aren’t nominated by the White House or confirmed by the Senate.