Donald TrumpDonald TrumpTexas announces election audit in four counties after Trump demand Schumer sets Monday showdown on debt ceiling-government funding bill Pennsylvania AG sues to block GOP subpoenas in election probe MORE would likely want to replace Janet Yellen as head of the Federal Reserve if elected president.
The GOP front-runner told Fortune Magazine that while he thought she had done a “serviceable job,” he would be looking at fresh blood at the Fed.
“I don’t want to comment on reappointment, but I would be more inclined to put other people in,” he said in the interview.
Of course, Trump could have difficulty removing Yellen. She is currently only halfway through a four-year term, and the president does not have the power to remove the Fed chief.
And even if Trump were to replace Yellen at the top of the Fed after her term as chairwoman expired, she could still stay on as a voting member of the Fed’s Board of Governors until 2024, when her term as a governor expires.
Yellen could step down earlier if so inclined in a Trump administration, but she could not be fired.
Nonetheless, Trump said he would want to replace Yellen, even as he expressed support for some of her policies, particularly the Fed’s push to keep borrowing costs down.
“The best thing we have going for us is that interest rates are so low,” he said.
That outlook sets him apart from many of his fellow Republicans, who have pushed the Fed for years to begin raising rates, arguing efforts to stimulate the economy through monetary policy are misguided and harmful.
Instead, Trump argued those pushing for higher rates run the risk of doing “scary” things to the economy.
“People think the Fed should be raising interest rates,” said Trump. “If rates are 3% or 4% or whatever, you start adding that kind of number to an already reasonably crippled economy in terms of what we produce, that number is a very scary number.”