U.S. President Donald Trump gestures during a cabinet meeting at the White House in Washington, D.C., U.S., August 26, 2025.
Jonathan Ernst | Reuters
President Donald Trump said Tuesday he will soon have a “majority” of his own nominees on the Federal Reserve board of governors who will back his desire to slash interest rates.
Trump’s comment at a Cabinet meeting came hours after he took the unprecedented step of moving to fire central bank Governor Lisa Cook, an appointee of former President Joe Biden, from the board.
Trump has already appointed two of the Fed board’s seven governors, and he is poised to appoint another to replace Adriana Kugler, who announced earlier this summer that she would step down.
“We’ll have a majority very shortly,” Trump said Tuesday afternoon. “So that’ll be great.”
“Once we have a majority, housing is going to swing, and it’s going to be great,” he said. “People are paying too high an interest rate. That’s the only problem with us. We have to get the rates down a little bit.”
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