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Fed prez: US president has 'a lot less influence' once picks are in office

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Fed prez: US president has 'a lot less influence' once picks are in office

As President Donald Trump prepares to name his pick for the Federal Reserve's next chair, one Reserve Bank president thinks no big changes are likely to come soon, Bloomberg News reported Oct. 13.

Boston Fed President Eric Rosengren, in an interview with Bloomberg, said that while a U.S. president can influence who gets placed on the board, "there's a lot less influence once the people are in those positions." And policy changes are not made alone. "You have to be able to bring along the committee," Rosengren said. "There's [also] a lot of influence that occurs from staff around the Federal Reserve system."

"You normally don't see big, discrete changes in central bank policy," he added. The Federal Reserve works with those "who were here before and who will be here after."