President Trump has so far detained from trying to interfere with Federal Reserve on issues related to monetary policy over his second period. But some of the more than 50 executive orders he has signed since returning to the White House leaves an impression on the central bank.

The latest proof is a decision from the Fed to stop hiring for permanent workers. The central bank has removed all positions listed on its website except for a single summer internship.

Fed acted after Trump had a mandate for a government -covering freezing, ordering no federal position available at that time and no new positions set up. The only exceptions were awarded for jobs related to military staff, enforcement of immigration, national security and public security.

As a completely independent organization that strives to operate apolitically, Fed is not legally obliged to perform the decree from the executive branch. But its decision to do it reflects in some cases a kind of strategy: Adapt the executive branch when Fed sees that it is appropriate and legal and, above all, to protect the central bank’s monetary policy decisions.

“Fed has historically zealously guarded his independence,” said Jeremy Kress, a former bold banking regulator, now co-faculty director of the University of Michigan’s Center for Finance, Law & Policy. “Fed is trying to delineate some limits to executive influence.”

Jerome H. Powell, the Fed Chairman, affected aspects of this approach at a news conference last week when they were pressed for changes taking place in the central bank since the start of Trump’s second period.

It included whether bold remained obliged to diversity, justice and inclusion efforts in the wake of Trump’s executive order that instructed federal workers to cease such activities.

“As has been our practice of many administrations, we are working to adapt our policies with the executive orders as needed and in accordance with applicable law,” said Mr. Powell.

Fed recently removed a section “Diversity and Inclusion” from its website. The section highlighted the central bank’s efforts to “promote equal employment and diversity” and included a promise to “work to promote diversity in purchasing, focusing on minority -owned and women -owned businesses.” Regional Federal Reserve Banks has followed.

The decision to comply with the executive order to hire a similar one of Janet L. Yellen as she led Fed under Mr. Trump’s first period. As described in Fed’s annual performance report for 2017 – Ms. Yellen’s last full year as chairman – the central bank volunteered “with a temporary employment of freezing as well as a memorandum from the Office of Management and Budget for State Agencies to improve” efficiency and efficiency. “

Even Fed’s practice of releasing an annual report since the mid -1990s reflects its choice of being in the latch stage with the prevailing law when it finds it appropriate. Fed has long explained its decision to publish an annual as being the “spirit” of the government’s performance and results of 1993, which required federal agencies to compete a strategic plan and a report.

Mr. Trump’s actions targeting climate -related initiatives have also had an impact. The Federal Reserve Bank of New York recently fell out of cosponsoring a conference with New York University’s Stern School of Business, according to a document seen by the New York Times.

The event, still set to take place in May, plans to focus on “the impact of climate migration on economic production, household welfare and consumption” and “the effect of natural disasters and disaster restrictions on output and financial stability”, among others Topics.

San Francisco Fed will now no longer host a virtual seminar on climate economy, as it had organized regularly since 2020, says a person who is familiar with the case. Upcoming sessions were recently postponed and videos of previous sessions have been removed from its site.

An economist who was a regular participant expressed the feeling that for researchers who highlighted or prioritized climate -related work was not considered a good idea.

Fed announced only a few days before Mr. Trump’s inauguration that it withdrew from an international group of central banks and regulators focusing on climate -related risks in the financial sector, Network for Greening The Financial System. Mr. Powell told journalists last week that he had decided to bring the case to Fed’s board of directors “a few months ago,” but that he was “aware of what it might look like.”

“It really wasn’t driven by politics. It was driven by the interruption between the work of the NGFS and our mandate, ”he said, referring to the Fed’s Congressed goals of maintaining a healthy labor market and achieving low, stable inflation.

The withdrawal extends to professional enrichment as Peter Tufano, professor at Harvard Business School, who organizes a course for researchers on climate financing, witnessed first hand.

Last fall, employees at 14 central banks and financial regulators around the world – including seven in the US – were intended to participate in the free sessions that are open to academics, practitioners and decision makers. Shortly after the inauguration, Dr. Tufano, contacted the federal staff who had signed up for the 2025 events, to withdraw, with reference to directives from the new administration.

Some said they should not even look at the course material, which includes papers and classes on the pricing of active, carbon information and how climate change affects the household economy.

“This is the first time in my life, I have had a set of students who would uniformly learn something and was told that they were not allowed to do it,” Dr. Tufano.

There have also been changes on the regulatory side. Michael Barr, Fed’s Vice -President of Supervision, just announced weeks before Mr. Trump again became president that he would step down from his role to avoid a long -standing legal battle with Trump that he feared would hurt the central bank.

In other regulatory questions, however, Fed has been more reluctant to comply with directives from the executive branch. Rule changes of this kind also require the seven-person board council to vote.

Mr. Kress quoted Fed’s decision in 2021 to disregard an executive order from President Joseph R. Biden Jr., who called on regulators to strengthen the supervision of banking. By explaining the decision at an event in April, Mr. Barr that the central bank already had a “pretty robust process that follows our existing guidelines in this area.”

Overall, these decisions have generated unrest, but also understood how bold decides, which orders should be observed and which ones to ignore and about its overall interest rates to protect its independence from setting interest.

“They will give up almost everything to try to maintain independent monetary policy and do not have to raise and lower interest rates to fit the president,” said Glenn Rudebusch, a former senior adviser in San Francisco Fed who was at the forefront of the climate seminar just over four years ago. “They are willing to pare a lot of other things for it.”

Fed refused to comment beyond pointing to Mr. Powell’s statement at the news conference in January. Federal Reserve Banks in New York and San Francisco refused to comment.

Lydia Depillis contributed with reporting from New York.