Fed's Bullard says not concerned about Fed independence under Trump

ST. LOUIS (Reuters) - The Fed is a "technocratic" institution whose structure means it will remain outside the influence of the new administration of President-elect Donald Trump, St. Louis Fed President James Bullard said on Thursday.

Under the Fed's structure Trump would have the power to appoint a new Fed chair when Janet Yellen's term expires in 2018. However, the central bank's structure of seven governors serving 14-year terms and 12 regional bank presidents means the institution will remain "at arm's length" from political influence.

In addition, "they have bigger fish to fry" including broad debates about healthcare, trade, and growth, instead of focusing on narrower issues of Federal reserve reform, Bullard said.

(Reporting by Howard Schneider; Editing by Chizu Nomiyama)