Trumps potential plan for Fed raises alarms [Video]

Former President Trump’s potential plan to exert more influence over the Federal Reserve is alarming experts and investors.

The Wall Street Journal reported Thursday that a group of Trump allies is crafting ways to chip away at the independence of the central bank — a constant thorn in the side of the former president — should he be reelected in November. They also argue Trump would have the power to oust Fed Chair Jerome Powell, whom he appointed to the job in 2017 and then berated through most of his term, despite legal protections from being fired without cause.

The campaign has distanced itself from the plan, and it would face serious obstacles in Congress, where Trump’s previous efforts to sway the Fed in his favor fell flat.

During his first term, Senate Republicans rejected three of Trump’s nominees to the Fed over concerns about their credentials and independence, and …