Most past presidents since the formation of the Fed have left it alone. However, it has long been in need of change. Central banks are an old-world institution that are not operating in favor of the average citizen's interests. Notice how other countries like Italy are also raising alarm by challenging their own central banks.
President Donald Trump said on Sunday that actions by the U.S. Federal Reserve have nicked U.S. economic growth and stock market gains by perhaps 30 percent, and that it should begin pumping money into the economy as it did during the 2007-2009 recession.
Trump's latest broadside against the central bank, delivered by Twitter and without citing any evidence, came as European Central Bank head Mario Draghi and other international officials worried that a Fed politicized by potential Trump nominees would rattle a dollar-based global system.
"If the Fed had done its job properly, which it has not, the Stock Market would have been up 5000 to 10,000 additional points, and GDP would have been well over 4 percent instead of 3 percent...with almost no inflation," Trump said.
"Quantitative tightening was a killer, should have done the exact opposite," he said, referring to the Fed's monthly withdrawal last year of up to $50 billion of the bonds it acquired during the worst economic downturn since the 1930s Great Depression.
Interesting that Trump is focusing on this issue. It doesn't appear to be a central issue to his 2020 campaign (unlike, say, Ron Paul's presidential bid).
I am glad that news agencies are (finally) admitting to themselves that Trump's economy has resulted in growth.
I support Trump putting this pressure on the Fed. We can't let unelected officials impact our nation's economy without any pushback. Whether or not this ends up resulting in an improvement, I am happy when our adversarial political system is working as intended.