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Fortune
Fortune
Marco Quiroz-Gutierrez

Donald Trump thinks he should influence Fed rates—here's what history and the law say

US Federal Reserve Donald Trump Jamie Cox Richard Nixon Arthur Burns Jerome Powell Economy Harry Truman Paul Volcker the Federal Reserve
Donald Trump stares (Credit: Joe Raedle—Getty Images)

Former President Donald Trump got Wall Street's attention by asserting that he should have more influence over interest rates, which are set by the Federal Reserve.

Rehashing a major grievance during his time as president, he criticized his own pick for Fed chairman, Jerome Powell, during a Thursday press conference and said he could do Powell’s job better.

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