Aug 9 (Reuters) - Republican presidential candidate Donald Trump on Thursday offered the
most explicit indication so far of his interest in infringing on the Federal Reserve's
independence should he regain the White House.
    "I feel the president should have at least (a) say in there" on Fed decisions, the former
president told reporters at his Mar-a-Lago residence in Florida. 
        His comment follows a report this spring that Trump allies have drafted proposals that
would attempt to erode the Fed's independence if he wins. While the Trump campaign distanced
itself from the Wall Street Journal report at the time, his remarks on Thursday indicate he is
squarely aligned with one of the proposals' main thrusts: If he becomes president, Trump should
be consulted on interest rate decisions, and Fed banking regulation proposals should be subject
to White House review.
    Presidents grousing about the Fed - especially at times when it is raising interest rates -
is hardly a new phenomenon, but such a direct involvement in Fed affairs by Trump should he win
would make him the first president since Richard Nixon in the early 1970s to dabble directly in
Fed policymaking.
    Trump's view contrasts with that of Vice President Kamala Harris, his rival for president.
CNBC, citing an aide to Harris, on Friday reported that the Democratic candidate believes the
Fed should make decisions independent of the president.
    
    PRESIDENTIAL APPOINTMENT
    The clearest path for exerting control is through the appointment process. The Fed chief is
nominated by the president, subject to Senate confirmation, and Trump could attempt to install a
Fed chief willing to elevate allegiance to him over the Fed's long-standing independence. 
    Trump has a long history of knocking heads with current Fed Chair Jerome Powell, whom he
installed as central bank chief in 2018. It was a relationship Trump revisited in his remarks on
Thursday, saying "I fought him very hard."
    Powell managed to weather Trump's verbal assaults and has spent considerable time as chair
building relationships with top Republicans and Democrats in Congress that have fortified his
standing.
    His second term as chair - Powell was reappointed by President Joe Biden - doesn't expire
until May 2026, and Trump told Bloomberg this summer that he would not try to oust Powell before
his term ends - something Trump talked repeatedly about doing during his time in the White
House. That would leave a window of a bit more than two years for Trump to exert sway over a new
Fed chief of his choosing, assuming such a compliant choice wins Senate confirmation.
    The next president will also have a chance to choose the two Fed vice chairs - one for
monetary policy and one for banking supervision.
    
    THE FED SYSTEM
    The Federal Reserve System, created by Congress in 1913, comprises the Washington-based
Federal Reserve Board; 12 regional Federal Reserve banks dotted across the country; and the
interest-rate-setting Federal Open Market Committee.
    The Fed board's seven members include the chair, two vice chairs and four other governors.
All are presidential appointees subject to Senate confirmation.
    Beyond Powell, two Trump appointees remain on the board, and governors Michelle Bowman and
Christopher Waller have hewn to the tradition of Fed independence. Three others Trump had eyed
for a board seat who were seen by many as pushing that envelope - Stephen Moore, Judith Shelton
and Herman Cain - withdrew or failed to win Senate confirmation.
    Each regional Fed bank is run by a president appointed by a subcommittee of each bank's
board of directors. 
    The FOMC comprises all seven board members, the president of the Federal Reserve Bank of New
York, and four other regional bank presidents on a rotating basis.
    
    THE BOARD NOW
    Fed governors serve 14-year terms or the unexpired remainder of a previous incumbent's term.
Term expirations are staggered at two-year intervals, with the next one due in 2026, a seat held
by Governor Adriana Kugler, a Biden appointee.
    Fed chairs and vice chairs serve four-year terms running concurrently with their
governorships. Powell's position as chair expires in May 2026, but his board seat continues
until 2028. While historically former Fed chiefs have not stayed on as governor if not
re-appointed as Fed leader, there is no requirement that they leave. If Powell were to opt to
stay on, it would limit Trump's options for installing more board members compliant with his
wishes. 
    The following is a list of current governors, in order of their term expirations with the
nearest listed first.
 Board Member        Joined board,   Board term   Became chair /vice  Chair/ vice
                     term extended   ends         chair, reappointed  chair term
                                                                      ends
 Adriana Kugler           9/13/2023     Jan 2026                      
 Jerome Powell,          5/25/2012,     Jan 2028           2/5/2018,       May 2026
 chair                    6/16/2014                        5/23/2022  
 Christopher Waller      12/18/2020     Jan 2030                      
 Michael Barr, vice       7/19/2022     Jan 2032           7/19/2022      July 2026
 chair for                                                            
 supervision                                                          
 Michelle Bowman       11/26/2018,      Jan 2034                      
                          1/23/2020                                   
 Philip Jefferson,        5/23/2022     Jan 2036           9/13/2023      Sept 2027
 vice chair                                                                        
 Lisa Cook               5/23/2022,     Jan 2038                      
                           9/8/2023                                   
 
    THE BANK PRESIDENTS NOW
    Fed bank presidents are picked by the six non-banker members of their boards of directors,
and must be approved by the Fed Board. They can serve until the mandatory retirement age of 65
or, if appointed after the age of 55, for 10 years or until they reach age 75.
    The terms of all current bank presidents end in February 2026, when they will be considered
for a fresh five-year appointment by the Board of Governors. This reupping process historically
has not resulted in any change in leadership, but this is custom not law. 
    The following is a list of term limit dates for the Fed regional bank presidents.
 Bank           President          Expected end of term
 PHILADELPHIA   Patrick Harker                June 2025
 RICHMOND       Thomas Barkin                  Jan 2028
 NEW YORK       John Williams                 June 2028
 SAN FRANCISCO  Mary Daly                      Oct 2028
 ATLANTA        Raphael Bostic                June 2031
 BOSTON         Susan Collins                 July 2032
 KANSAS CITY    Jeffrey Schmid              August 2033
 ST LOUIS       Alberto Musalem              April 2034
 CHICAGO        Austan Goolsbee             August 2034
 MINNEAPOLIS    Neel Kashkari                 July 2038
 DALLAS         Lorie Logan               February 2038
 CLEVELAND      Beth Hammack*              January 2037
                            *is                        
                due to take        
                office Aug. 21     
                                   
 

 (Reporting By Dan Burns and Ann Saphir; Editing by Andrea Ricci)