Donald Trump's Fed Takeover Proposal Gets Support From Real Estate Mogul Grant Cardone: 'I Like It'

Donald Trump's Fed Takeover Proposal Gets Support From Real Estate Mogul Grant Cardone: 'I Like It'

Real estate mogul Grant Cardone backed former President Donald Trump's proposal to take executive control of the Federal Reserve, citing concerns about the impact of central banks on the U.S. economy.

Cardone endorsed the idea in a tweet, saying: “Why not? The President can order the Fed to do what's best for the people.” He criticized Fed Chairman Jerome Powell, calling him “the enemy of the American middle class.” He argued that the Fed's aggressive interest rate hikes aimed at controlling inflation triggered by the pandemic have made buying a home “impossible” and put hundreds of small banks at risk.

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Cardone's comments follow a Wall Street Journal report that a small group of Trump allies had drafted a document outlining a vision for the central bank that would submit Fed policy for review by the White House and would potentially allow the president to play a role in interest rate decisions.

Trump has long criticized Fed policy, particularly under Chairman Powell, whom he appointed in 2017. During his presidency, when the Fed was raising interest rates from very low levels, Trump criticized the central bank for not keeping rates lower, arguing that higher rates hampered economic growth.

Since then, the landscape has changed. The Fed raised rates last year to their highest levels since the turn of the century and kept them there to control inflation, which reached its highest level in four decades in 2022 and remains above the target of 2% from the central bank.

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“Jerome Powell has proven himself to be an enemy of the American middle class,” Cardone said on has done is make it impossible to buy a house and risk bankrupting 600 small banks.

Cardone's support for Trump's proposal came with a list of economic problems that he attributes to current Fed policy, including a depressed housing market, growing credit card debt and an increase in bankruptcies. .

The proposal, however, has raised concerns among some economists and lawmakers.

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Sen. Kevin Cramer (R-N.D.) voiced his opposition, according to the WSJ. “Given their office, their independence is essential to act in an impartial and apolitical manner,” the senator said. “There’s a reason there’s not just one decision maker and there are safeguards built into a board of governors.”

Experts warn that the erosion of the Fed’s independence could have far-reaching consequences. According to the report, Krishna Guha, vice president of Evercore ISI, noted in a client note: “The market would react very badly to any effort to tame the Fed, and we believe this would cause the administration to back down.”

Established in 1913, the Fed functions as an independent agency aimed at protecting monetary policy from short-term political pressures. Congress gave him a dual mandate: to promote maximum employment and stable prices, something that Chairman Powell frequently references during his speeches.

The report indicates that Trump's attempt (if elected in November) to influence the direction of the Fed will face institutional obstacles. Like Supreme Court justices appointed for life, Fed governors serve 14-year terms to ensure their independence from political pressure, making it difficult to remove them solely because of political disagreements.

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