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.
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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)