President Donald Trump has a new phone pal, calling his recently appointed Federal Reserve chair at all hours for advice while expressing admiration for his looks, according to a new report.
The president's constant contact with Fed Chair Kevin Warsh has been raising concerns about the Federal Reserve's independence and Trump's obsession with appearances, the Wall Street Journal reported Thursday.
"The president calls Warsh in bursts, the people said—several times in a stretch of days, then quiet for longer periods," the Journal reported. "[Trump] often raves about the Fed chair’s looks after he sees Warsh on television, according to a person who has been in the room for the president’s remarks."
It remains unclear whether Trump and Warsh have discussed monetary policy.
A person familiar with the conversations stated the president has not raised the topic of interest rates since Warsh's Senate confirmation.
Presidents appoint Federal Reserve chairs, but the central bank sets interest rates independently—a structural separation designed to keep politics out of economic decisions affecting borrowing costs.
"It isn’t unusual for presidents and Fed chairs to meet on occasion, but in recent decades the contacts have generally been more formal and arranged in advance, choreographed to avoid the perception the president is influencing rate decisions," the Journal reported.
"Trump regularly bypasses formal communication channels, keeping up with a wide circle of contacts—including world leaders, business executives and lawmakers—through his personal cellphone."
Democrats on the Senate Banking Committee, which oversees the Federal Reserve, have repeatedly pressed Warsh for greater disclosure about his interactions with the president.
Trump's relationship with Warsh "has animated concerns" about the central bank's independence, the report notes.
