Trump's "Three-Step Plan" to Control the Federal Reserve is Underway: Replace Powell, Take Control of the Board, Dismiss Regional Federal Reserve Presidents. If Cook is successfully removed, Trump could gain four seats, achieving a majority in the seven-member Federal Reserve Board. According to Wall Street Journal reporter Nick Timiraos, if he secures a majority of seats before March next year, he may refuse to renew the term of the regional Federal Reserve presidents, thereby taking control of the FOMC and reshaping the Federal Reserve system.