President Donald Trump has said that major changes are coming to the world's most powerful central bank, the Federal Reserve (Fed), and they have already implemented them.
Last week, US Treasury Secretary Scott Bessent said the Trump administration intends to shake up the structure and policies of the Fed, just as he has done with other agencies in the government.
The changes to the central bank will be accelerated once Chairman Jerome Powell steps down at the end of his term in May 2026.
Among the planned changes are a review of regulations on the largest US banks and a restructuring of the Fed's workforce, which currently involves tens of thousands of employees across the country.
Last June, President Donald Trump began to exert his influence in his second term by appointing Michelle Bowman as Vice Chair of Banking Regulation on the Federal Reserve Board of Governors.
She has been a member of the board since 2018, now playing a key role in regulating the US financial sector.
Meanwhile, the Federal Reserve has begun to reduce its workforce.
Fed Chairman Jerome Powell distributed a memo to about 24,000 employees, announcing plans to cut 10% of the workforce over the next few years.
The cuts are part of a government initiative to improve efficiency.
The bulk of the Fed's staff work at regional banks across the US, while about 3,000 are based in Washington.
