Following the announcement of his running mate, attention has shifted to the personnel decisions of former U.S. President and Republican presidential candidate Donald Trump. Reports indicate that Trump has shared his views on potential nominees for the Secretary of the Treasury and the Chairman of the Federal Reserve (FED).
According to Bloomberg’s report on Tuesday, Trump mentioned in an interview at the end of June that if elected, he would consider inviting Jamie Dimon, the CEO of JPMorgan Chase (JPMorgan), to serve as the Secretary of the Treasury and allow Jerome Powell, the current Chairman of the Federal Reserve, to complete his term.
Regarding his personnel decisions, Trump emphasized the importance of selecting the right individuals for the right roles. He stated, “We have a lot of great talent, but some I will not choose again. Now, I know everyone. I really have the experience.”
In response to Trump’s consideration of appointing the 68-year-old Dimon as the Secretary of the Treasury, JPMorgan Chase declined to comment, as reported by Reuters.
Following an assassination attempt on Trump, Dimon expressed deep sorrow over political violence in an email sent to all employees on Sunday. Dimon urged unity against any acts of hatred, intimidation, or violence that threaten democracy or cause harm. He emphasized the necessity of constructive dialogue to address the nation’s most pressing challenges.
Dimon has long cautioned Democrats not to alienate Trump’s supporters. In a January interview with CNBC at the World Economic Forum in Davos, he suggested that Democrats should carefully consider their discourse when discussing Trump’s supporters.
During the interview, Dimon commended some of Trump’s positions and policies, highlighting Trump’s correctness on issues such as NATO, immigration, economic growth, trade and tax reforms, and certain views on China and key matters.
Powell’s term as Chair of the Federal Reserve will expire in May 2026, while his position on the Federal Reserve Board will end in January 2028.
On Monday, Powell stated that he has no plans to leave the position of Federal Reserve Chair before the end of his term. Initially appointed by former President Obama to the Federal Reserve Board, Trump nominated Powell as the Chair of the Federal Reserve in 2018.
However, Trump soon became disillusioned with Powell’s continuous interest rate hikes, fearing that they would dilute and undermine the efforts for economic stimulation centered around tax cuts.
Trump mentioned in the Bloomberg interview that he did not want the Federal Reserve to lower interest rates before the November election. In February, Trump suggested that rate cuts by the Federal Reserve during the election period could benefit Joe Biden’s presidential campaign.
In April, The Wall Street Journal reported that allies of Trump were drafting proposals to weaken the independence of the Federal Reserve in case of Trump winning a second presidential term.
Earlier this month, the Federal Reserve released a two-year report on its monetary policy. The report emphasized the importance of the political independence of the Federal Reserve in a newly added framework named “Monetary Policy Independence, Transparency, and Accountability.”
Powell reiterated on Monday that he and other central bank decision-makers do not take political factors into consideration when making decisions.
Trump also mentioned in the interview that his economic policy, known as “Trump Economics,” consists of low interest rates and low taxes, which he believes will drive a significant force to bring back businesses and job opportunities to the U.S. He aims to further reduce the corporate tax rate to a minimum of 15%.
He also plans to increase tariffs to seek better trade conditions and protect domestic industries. In addition to imposing additional tariffs ranging from 60% to 100% on imports from China, he mentioned a comprehensive 10% import tariff on goods from other countries.
Furthermore, on the immigration issue, Trump expressed intentions to close the southern border, believing that restricting immigration is crucial for increasing domestic wages and employment.
Trump is confident that his policies, such as tax cuts, increased oil production, reduced regulations, higher tariffs, and decreased foreign financial commitments, will attract enough swing state voters to secure his victory in the election.
On Monday, at the Republican National Convention in Milwaukee, Wisconsin, Trump was officially nominated as the party’s candidate for the 2024 presidential election. On that day, Trump announced that 39-year-old Ohio Senator JD Vance would be his running mate.