Donald Trump has stated he will not seek to remove Federal Reserve chair Jerome Powell before his term ends and would consider JPMorgan CEO Jamie Dimon for Treasury Secretary if he wins the November 5 election, according to a Bloomberg interview.
JPMorgan declined to comment. Powell's term expires in 2026, and his Fed Board seat in 2028. The interview was conducted in late June.
Powell confirmed on Monday he plans to stay until his term concludes. Initially appointed by Barack Obama to the Fed Board, Powell was later chosen by Trump to lead the central bank in 2018. Trump later criticised Powell over interest rate hikes and contemplated firing him, though aides advised he lacked the authority.
Trump has urged the Federal Reserve to avoid rate cuts before the upcoming election, but Powell emphasised that political considerations do not influence the Fed's decisions.
Trump mentioned considering Dimon for Treasury Secretary despite previous criticisms, including calling Dimon a "highly overrated globalist".