President Donald Trump has held multiple phone conversations with Federal Reserve Chair Kevin Warsh since the latter took office in May, according to a new report. The Federal Reserve declined to comment. At the same time, regular communication between the Federal Reserve and the Treasury Department remains standard practice. During Powell's tenure, Trump repeatedly attacked the Fed chair over interest-rate decisions, calling him "too late" to reduce borrowing costs. At Warsh's White House swearing-in ceremony in May, Trump declared, "I want Kevin to be totally independent."