The Trump administration is reportedly considering options to exert greater influence over the regional Federal Reserve banks.

According to informed sources, the Trump administration is considering exerting greater influence over the 12 regional reserve banks of the Federal Reserve, possibly beyond the existing personnel appointment power in Washington. President Donald Trump claimed on Monday that he would dismiss Federal Reserve Governor Lael Brainard, and if he gets court support, he would have the opportunity to control the majority of seats on the seven-member Board of Governors of the Federal Reserve. However, the Federal Open Market Committee responsible for setting interest rates also includes five regional Federal Reserve Bank presidents, who are different from governors and are not nominated by the White House or confirmed by the Senate. The selection and reappointment process for Federal Reserve Bank presidents is jointly managed by the private boards of these banks and the Board of Governors of the Federal Reserve. If the government reviews this process, it would signal another significant move by Trump to continuously influence monetary policy. The Board of Governors is planning to conduct its quinquennial review in February to approve the current list of Federal Reserve Bank presidents.