Donald Trump’s aides have drawn up secret plans to oust the chairman of the Federal Reserve and allow the president to set interest rates, according to reports. Allies are said to have drawn up a range of proposals for the way monetary policy could be run in a second Trump administration, including rolling back the independence of the central bank, which has been critical to the functioning of the economy and financial system in recent decades. Supporters of the Republican candidate have compiled a 10-page document with a new vision for the running of the central bank and monetary policy, according to the Wall Street Journal. It includes the authority to eject Jerome Powell from his position as chairman of the rate-setting Federal Open Market Committee. Mr Trump appointed Mr Powell to the position in his first term as president, having declined to give the incumbent, Janet Yellen, a second term at the Federal Reserve. Ms Yellen is now Treasury secretary for Joe Biden, the president. The document also suggests Mr Trump could be consulted on interest rate decisions by the Federal Reserve chair, who would then negotiate the final decision on borrowing costs with other policymakers on his behalf....