January 22, 2020

Trump says Mario Draghi should head the Fed

Donald Trump has someone in mind to take over at the top of the Federal Reserve — European Central Bank chief Mario Draghi.

The U.S. president told Fox Business Maria Bartiromo on Wednesday that he has the power to get rid of Federal Reserve Chairman Jerome Powell, who has been coming under pressure from the White House to cut interest rates.

“I have the right to demote him, I have the right to fire him. He has to lower interest rates to help us compete with China,” Trump said.

“What Europe did with Draghi, is theyre forcing money in,” Trump said. “Were doing the opposite.”

He joked: “We should have Draghi instead of our Fed person.”

Draghi, who will be available for work once his term at the ECB ends on October 31, has been on Trumps radar a lot of late.

Earlier this month, the Italian said that if the eurozones economic situation deteriorates in the coming months the bank would announce further stimulus measures.

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