Trump Eyes Jamie Dimon For Treasury Secretary, Rules Out Ousting Fed Chair Jerome Powell
In a recent development, former President Donald Trump has expressed his consideration of JPMorgan Chase & Co (NYSE:JPM) CEO Jamie Dimon for the Treasury Secretary position if he emerges victorious in the forthcoming November 5 election. Furthermore, Trump has assured that he will not seek to displace Federal Reserve Chair Jerome Powell before the end of his term.
What Happened: Trump disclosed his potential plans during a late June interview with Bloomberg. JPMorgan has chosen to remain silent on Trump’s comments. Powell, whose term as Federal Reserve Chair is set to end in 2026, announced on Monday that he has no intentions of stepping down early, reported Reuters.
Trump, the original appointer of Powell as the central bank leader, later voiced criticism over the interest rate hikes during Powell’s initial year at the helm. Despite past threats to dismiss Powell, Trump has now affirmed that he will not pursue such action.
Trump’s consideration of Dimon for the top job at the Treasury Department comes despite past criticisms. In the previous year, Trump referred to Dimon as a “Highly overrated Globalist” on his Truth Social platform. However, Dimon has recently expressed approval of some of Trump’s stances and policies.
See Also: Trump Vs Biden: One Candidate Leaps Ahead Of Another In Latest Survey
Trump also revealed plans to reduce the corporate tax rate to as low as 15% and impose new tariffs targeting China and other nations, should he win the election.
Why It Matters: The prospect of Dimon running for president has gained traction in financial circles, despite his stated lack of interest in the role, especially in an electoral context.
Earlier this year, Trump’s allies were reported to be devising plans that could potentially compromise the independence of the Federal Reserve if Trump were to be re-elected. These plans ranged from minor policy changes to a controversial proposal that the president should have a say in setting interest rates.
Furthermore, Trump was presented with a list of potential candidates to replace Jerome Powell as the head of the Federal Reserve by influential economic advisers. This suggests that Trump’s recent assurance of not ousting Powell could be a significant shift in his approach.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal