Foreign media: Trump extends his influence on the Federal Reserve to the local Federal Reserve

According to foreign media reports, the Trump administration is weighing options to influence regional Federal Reserve banks and stepping up scrutiny of the way local Fed chairpeople are selected. If Trump's decision to oust Federal Reserve Governor Cook is upheld in court, he will have a chance to gain a majority on the seven-member Federal Reserve Board of Governors. However, the FOMC, which is responsible for setting interest rates, also includes five local Fed chairpeople, who, unlike Fed governors, are not nominated by the White House and do not require Senate approval. Trump's statement late Monday exacerbated those concerns, with various local Fed chairpeople making a round of phone calls with each other to discuss what Cook's firing might mean for them, a person familiar with the matter said. One person familiar with the matter said the government's goal is not to make the central bank more dovish, but to review how regional governors are selected because they do not need to be confirmed by the Senate.