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former u.s. president donald trump wanted the white house to have a say over interest rates, an idea that a federal reserve governor considered a possible successor to jerome powell has dismissed.

earlier this month, federal reserve governor christopher waller was asked about trump's views and noted that congress and financial markets strongly support the fed having autonomy in setting interest rates, bloomberg reported.

waller speaks during a federal reserve hearing in washington, friday, march 22, 2024.

"if the president wants to complain about it, he can do that just like anyone else," waller said. "he has a right to have those damn opinions, but that doesn't mean i have to listen or adjust policy."

in addition to powell, waller is one of two fed governors appointed by trump. before joining the fed in 2020, the 65-year-old economist spent part of his career quantifying the benefits of central bank independence, and he remains one of the most vocal advocates of central bank independence.

if trump is elected in november, he will face a difficult choice. although many of trump's advisers like waller, the fed governor is unlikely to welcome the white house's opinions on monetary policy. if trump wants to interfere in fed policy, waller's prospects of taking the position are somewhat slim, but he has an advantage over other possible trump nominees: his nomination can be confirmed by the senate.

“he’s been very reasonable and it’s hard to think he’s political,” michael feroli, chief u.s. economist at jpmorgan chase & co., said of waller, who cited waller’s ability to “defend the fed more” than some other possible candidates as one of his strengths.

michael feroli, chief u.s. economist at jpmorgan chase, commented on waller: "he has always demonstrated a high degree of rationality and non-partisanship, and it is difficult to detect his personal political inclinations." feroli further pointed out that compared with other potential candidates, waller is more likely to "unwaveringly maintain the independence of the federal reserve," which is one of his valuable qualities.

during his four years as a fed governor, waller has become one of the most influential policymakers on the federal open market committee, with speeches closely watched for economic forecasts and interest rate outlooks.