Trump says he'd replace Fed chief Yellen if he wins US presidency

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Look Out Janet Yellen, Trump May Be Coming For You

WASHINGTON (Reuters) - Republican presidential candidate Donald Trump said he would be inclined to replace Federal Reserve Chair Janet Yellen if he is elected U.S. president in the November election despite supporting the central bank's low interest rates, he told Fortune magazine.

In an interview published late Tuesday, the billionaire real estate mogul also said he "absolutely" backed efforts to diminish the Fed's power and allow congressional audits, and backed away from his pledge to erase the more than $19 trillion in U.S. debt in eight years.

RELATED: Photos of Donald Trump supporters

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Donald Trump supporters
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Trump says he'd replace Fed chief Yellen if he wins US presidency
A masked supporter dances before Republican U.S. presidential candidate Donald Trump arrives at a campaign town hall event in Wausau, Wisconsin April 2, 2016. REUTERS/Ben Brewer
U.S. Republican presidential candidate Donald Trump greets supporters at a campaign rally in San Jose, California, U.S. June 2, 2016. REUTERS/Lucy Nicholson
Supporters cheer for U.S. Republican presidential candidate Donald Trump at a campaign rally in San Jose, California, U.S. June 2, 2016. REUTERS/Lucy Nicholson
People say the pledge of allegiance before listening to U.S. Republican presidential candidate Donald Trump speak at a campaign rally in San Jose, California, U.S. June 2, 2016. REUTERS/Lucy Nicholson
Supporters wait for U.S. Republican presidential candidate Donald Trump to speak at a campaign rally in San Jose, California, U.S. June 2, 2016. REUTERS/Lucy Nicholson
Supporters cheer for U.S. Republican presidential candidate Donald Trump as he speaks at a campaign rally in San Jose, California, U.S. June 2, 2016. REUTERS/Lucy Nicholson
Supporters (L-R) Annalisa Wales, 12, Scarlett Wales, 9, Barbara Wales, 68, and Katherine Wales, 10, wait for U.S. Republican presidential candidate Donald Trump to speak at a campaign rally in San Jose, California, U.S. June 2, 2016. REUTERS/Lucy Nicholson
Supporters cheer for U.S. Republican presidential candidate Donald Trump at a campaign rally in San Jose, California, U.S. June 2, 2016. REUTERS/Lucy Nicholson
U.S. Republican presidential candidate Donald Trump greets supporters at a campaign rally in San Jose, California, U.S. June 2, 2016. REUTERS/Lucy Nicholson
U.S. Republican presidential candidate Donald Trump greets supporters at a campaign rally in San Jose, California, U.S. June 2, 2016. REUTERS/Lucy Nicholson
U.S. Republican presidential candidate Donald Trump greets supporters at a campaign rally in San Jose, California, U.S. June 2, 2016. REUTERS/Lucy Nicholson
People listen to U.S. Republican presidential candidate Donald Trump speak at a campaign rally in Sacramento, California, U.S. June 1, 2016. REUTERS/Lucy Nicholson
A man carries a sign for Republican U.S. presidential candidate Donald Trump at the Rolling Thunder motorcycle rally to highlight POW-MIA issues on Memorial Day weekend in Washington, U.S. May 29, 2016. REUTERS/Jonathan Ernst
People watch Republican U.S. presidential candidate Donald Trump address the Rolling Thunder motorcycle rally to highlight POW-MIA issues on Memorial Day weekend in Washington, U.S. May 29, 2016. REUTERS/Jonathan Ernst
Supporters attend a rally with Republican U.S. presidential candidate Donald Trump in San Diego, California, U.S. May 27, 2016. REUTERS/Jonathan Ernst
Marcos Spence solicits volunteers to work for the campaign of Republican U.S. presidential candidate Donald Trump as they stand in line before the start of his rally in Albuquerque, New Mexico, U.S. May 24, 2016. REUTERS/Jonathan Ernst
A supporter holds a sign as Republican U.S. presidential candidate Donald Trump holds a rally in Anaheim, California, U.S. May 25, 2016. REUTERS/Jonathan Ernst
Supporters line up to enter a convention center where U.S. Republican presidential candidate Donald Trump holds a campaign rally in Anaheim, California, United States May 25, 2016. REUTERS/Mike Blake
Supporters of Republican U.S. Presidential candidate Donald Trump arrive before Trump speaks at a campaign event in Anaheim, California U.S. May 25, 2016. REUTERS/Mike Blake
A supporter of Republican U.S. Presidential candidate Donald Trump holds a sign before Trump speaks at a campaign event in Anaheim, California U.S. May 25, 2016. REUTERS/Mike Blake
Supporters of Republican U.S. Presidential candidate Donald Trump arrive before Trump speaks at a campaign event in Anaheim, California U.S. May 25, 2016. REUTERS/Mike Blake
Supporters of Republican U.S. presidential candidate Donald Trump stand in line before the start of his rally in Albuquerque, New Mexico, U.S. May 24, 2016. REUTERS/Jonathan Ernst FOR EDITORIAL USE ONLY. NO RESALES. NO ARCHIVES.
A supporter of Republican U.S. presidential candidate Donald Trump attends a Trump campaign rally at the Verizon Wireless Arena in Manchester, New Hampshire, February 8, 2016. REUTERS/Rick Wilking
A supporter of Republican U.S. presidential candidate Donald Trump wearing a "Trump for President '16" t-shirt listens to the candidate speak at a campaign rally at the airport in Hagerstown, Maryland, U.S. On April 24, 2016. REUTERS/Jim Bourg/File Photo
Activists of Hindu Sena, a Hindu right-wing group, perform a special prayer to ensure a victory of Republican U.S. presidential candidate Donald Trump in the upcoming elections, according to a media release, in New Delhi, India May 11, 2016. REUTERS/Anindito Mukherjee
Supporters hold signs as Republican U.S. presidential candidate Donald Trump speaks during a campaign rally in Lynden, Washington, U.S., May 7, 2016. REUTERS/Jim Urquhart
Supporters cheer as Republican U.S. presidential candidate Donald Trump speaks during a campaign rally in Lynden, Washington, U.S., May 7, 2016. REUTERS/Jim Urquhart
Supporters hold signs as Republican U.S. presidential candidate Donald Trump speaks during a campaign rally in Lynden, Washington, U.S., May 7, 2016. REUTERS/Jim Urquhart
A supporter of Republican presidential candidate Donald Trump holds a sign during a rally in Spokane, Wash., Saturday, May 7, 2016. (AP Photo/Ted S. Warren)
Delegate Douglas Marshall in the Donald Trump booth during the second day of the Republican Party of Texas state convention on May 13, 2016 in Dallas. (Paul Moseley/Fort Worth Star-Telegram/TNS via Getty Images)
Supporters look on as Republican presidential candidate Donald Trump speaks at a rally Saturday, May 7, 2016, in Lynden, Wash. (AP Photo/Elaine Thompson)
A supporter of U.S. Republican presidential candidate Donald Trump holds a sign during a campaign event at Grumman Studios in Bethpage, New York April 6, 2016. REUTERS/Shannon Stapleton
A supporter of U.S. Republican presidential candidate Donald Trump takes a photo during a campaign event at Grumman Studios in Bethpage, New York April 6, 2016. REUTERS/Shannon Stapleton
Republican U.S. presidential candidate Donald Trump supporters Josh (R), and his father Jeff Schimek (L), wait for him to speaks during a Town Hall at the Racine Civic Centre Memorial Hall April 2, 2016. REUTERS/Kamil Krzaczynski EDITORIAL USE ONLY. NO RESALES. NO ARCHIVE
Supporters (L) of Republican U.S. presidential candidate Donald Trump point and scream at an anti-Trump demonstrator (R) holding a sign reading "More Like Make America Racist Again" sign during a Trump campaign rally in Fountain Hills, Arizona March 19, 2016. REUTERS/Ricardo Arduengo TPX IMAGES OF THE DAY
A supporter of U.S. Republican presidential candidate Donald Trump attends a campaign rally in De Pere, Wisconsin, United States, March 30, 2016. REUTERS/Jim Young
Bob Bolus, a supporter of U.S. Republican presidential candidate Donald Trump, gives the thumbs up to drivers as they pass by on Super Tuesday in Middleburg Heights, Ohio March 15, 2016. REUTERS/Aaron Josefczyk
Rosemary Harder wears a hat supporting Republican U.S. presidential candidate Donald Trump during a news conference, after the Florida, Ohio, North Carolina, Illinois and Missouri primary elections, held at his Mar-A-Lago Club, in Palm Beach, Florida March 15, 2016. REUTERS/Joe Skipper
Supporter of U.S. Republican presidential candidate Donald Trump Alex Stypik joins Trump (L) on stage at a campaign rally in Bloomington, Illinois March 13, 2016. REUTERS/Jim Young
A Trump supporter (R) yells at a demonstrator (L) after Republican U.S. presidential candidate Donald Trump cancelled his rally at the University of Illinois at Chicago March 11, 2016. REUTERS/Kamil Krzaczynski TPX IMAGES OF THE DAY
Supporters of Republican U.S. presidential candidate Donald Trump cheer on their candidate at a Trump campaign rally in New Orleans, Louisiana March 4, 2016. REUTERS/Layne Murdoch Jr.
A supporter of U.S. Republican presidential candidate Donald Trump attends a campaign rally in Cadillac, Michigan, March 4, 2016. REUTERS/Jim Young
A supporter of Republican U.S. presidential candidate Donald Trump holds up a sign at a campaign rally at Valdosta State University in Valdosta, Georgia February 29, 2016. REUTERS/ Philip Sears
A supporter of Republican U.S. presidential candidate Donald Trump celebrates with a cigar at Trump's 2016 South Carolina presidential primary night rally in Spartanburg, South Carolina February 20, 2016. REUTERS/Jonathan Ernst
A campaign volunteer for U.S. Republican presidential candidate Donald Trump wears a hat signed by Trump during a rally with supporters in Gaffney, South Carolina February 18, 2016. REUTERS/Jonathan Ernst
Freda Green, of Louisiana, wears a hat in support of Republican U.S. presidential candidate Donald Trump before a rally in Baton Rouge, Louisiana February 11, 2016. REUTERS/Jonathan Bachman
A veteran of both the Korean and the Vietnam War, C.J. Dauzt wears a sticker in support of Republican U.S. presidential candidate Donald Trump before a rally in Baton Rouge, Louisiana in Baton Rouge, Louisiana February 11, 2016. REUTERS/Jonathan Bachman
10-year-old Ian Linden, of New Orleans, holds a sign in support of Republican U.S. presidential candidate Donald Trump before a rally in Baton Rouge, Louisiana February 11, 2016. REUTERS/Jonathan Bachman
Supporter of U.S. Republican presidential candidate Donald Trump wait for the start of his campaign rally in Plymouth, New Hampshire February 7, 2016. REUTERS/Jim Bourg
Anne-Sophie Marquis cradles her doll Clare, wearing a button supporting U.S. Republican presidential candidate Donald Trump, at a Trump campaign rally in Plymouth, New Hampshire February 7, 2016. REUTERS/Rick Wilking
Young supporters of Republican U.S. presidential candidate businessman Donald Trump wait for Trump to speak at a veteran's rally in Des Moines, Iowa January 28, 2016. REUTERS/Aaron P. Bernstein
Mark Palzer shows his support for U.S. Republican presidential candidate Donald Trump before a campaign rally at Oral Roberts University in Tulsa, Oklahoma January 20, 2016. REUTERS/Nick Oxford
Barbara Tomasino shows her support for U.S. Republican presidential candidate Donald Trump before a campaign rally at Oral Roberts University in Tulsa, Oklahoma, January 20, 2016. REUTERS/Nick Oxford
Supporters of U.S. Republican presidential candidate Donald Trump attend a campaign rally at Oral Roberts University in Tulsa, Oklahoma, January 20, 2016. REUTERS/Nick Oxford
Liberty University students and supporters of Republican presidential candidate Donald Trump wear letters spelling his name before his speech at Liberty University in Lynchburg, Virginia, January 18, 2016. REUTERS/Joshua Roberts
A supporter of U.S. Republican presidential candidate Donald Trump wears a National Rifle Association shirt before his speech at Liberty University in Lynchburg, Virginia, January 18, 2016. REUTERS/Joshua Roberts
Trump supporters Joshua Smith (from Left) and Seth Stephens, both of Aiken, South Carolina and Rona Bartolomucci of Hilton Head Island, wait along the front buffer before a rally for U.S. Republican presidential candidate Donald Trump at the Westin Hilton Head Island Resort and Spa in Hilton Head Island, South Carolina, December 30, 2015. REUTERS/Randall Hill
FOUNTAIN HILLS, AZ - MARCH 19: Supporters of Republican presidential candidate Donald Trump look on during Fountain Park during a campaign rally on March 19, 2016 in Fountain Hills, Arizona. Trumps visit to Arizona is the second time in three months as he looks to gain the GOP nomination for President. (Photo by Ralph Freso/Getty Images)
SALT LAKE CITY, UT - MARCH 18: A supporter waits for Republican presidential candidate Donald Trump speak at a campaign rally on March 18, 2016 in Salt Lake City, Utah. The Republican and Democratic caucuses are March 22. (Photo by George Frey/Getty Images)
A supporter of Donald Trump, president and chief executive of Trump Organization Inc. and 2016 Republican presidential candidate, wears campaign stickers on her sandals before a town hall event at the Tampa Convention Center in Tampa, Florida, U.S., on Monday, March 14, 2016. As protesters shadow campaign appearances by Trump, the billionaire has shifted a planned Monday-night rally in south Florida to Ohio, where polls show Governor John Kasich may be pulling ahead days before the states primary election. Photographer: Andrew Harrer/Bloomberg via Getty Images
Trump supporters pass out signs prior to a rally for Republican presidential candidate Donald Trump on March 13, 2016 in Boca Raton, Florida. Primary voters head to the polls on March 15th in Florida. / AFP / RHONA WISE (Photo credit should read RHONA WISE/AFP/Getty Images)
Attendees wait for the start of a campaign event with Donald Trump, president and chief executive of Trump Organization Inc. and 2016 Republican presidential candidate, not pictured, in Bloomington, Illinois, U.S., on Sunday, March 13, 2016. After violent protests prompted Donald Trump to cancel a rally in Chicago on Friday night, the Republican presidential front-runner blamed the activist group MoveOn.Org and supporters of Senator Bernie Sanders for the chaos, while defending his own harassed supporters. Photographer: Daniel Acker/Bloomberg via Getty Images
Donald Trump, president and chief executive of Trump Organization Inc. and 2016 Republican presidential candidate, left, stands with a man he called onto the stage from the crowd because of the 'Legal Immigrant For Trump' t-shirt he was wearing, during a campaign event in Bloomington, Illinois, U.S., on Sunday, March 13, 2016. After violent protests prompted Donald Trump to cancel a rally in Chicago on Friday night, the Republican presidential front-runner blamed the activist group MoveOn.Org and supporters of Senator Bernie Sanders for the chaos, while defending his own harassed supporters. Photographer: Daniel Acker/Bloomberg via Getty Images
CHICAGO, IL - MARCH 11: A supporter exists the University of Illinois at Chicago Pavilion where Republican presidential candidate Donald Trump cancelled a campaign rally over safety concerns March 11, 2016 in Chicago, Illinois. The Illinois Republican presidential primary will be held March 15. (Photo by Jonathan Gibby/Getty Images)
Supporters of Republican Presidential candidate Donald Trump gather prior to a Trump Rally at the Peabody Opera House on March 11, 2016 in St. Louis, Missouri. / AFP / Michael B. Thomas (Photo credit should read MICHAEL B. THOMAS/AFP/Getty Images)
Supporters of Republican Presidential candidate Donald Trump gather prior to a Trump Rally at the Peabody Opera House on March 11, 2016 in St. Louis, Missouri. / AFP / Michael B. Thomas (Photo credit should read MICHAEL B. THOMAS/AFP/Getty Images)
RADFORD, VA - FEBRUARY 29: A campaign rally for Donald J. Trump, candidate for the Republican presidential nomination, at the Radford University Dedmon Arena in Radford, Virginia, on Monday, February 29, 2016. (Photo by Benjamin Lowy/Getty Images Reportage)
A woman reacts as U.S. Republican presidential candidate Donald Trump works the crowd following a campaign event in an airplane hanger in Rome, New York April 12, 2016. REUTERS/Carlo Allegri
A woman reacts as U.S. Republican presidential candidate Donald Trump works the crowd following a campaign event in an airplane hanger in Rome, New York April 12, 2016. REUTERS/Carlo Allegri
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"I think she's done a serviceable job," Trump said of Yellen. "I don't want to comment on reappointment, but I would be more inclined to put other people in."

Fed officials were not immediately available for comment.

Yellen, the most powerful figure in world finance, took office in February 2014 for a four-year term under President Barack Obama, a Democrat.

SEE ALSO: This poll number is a troubling sign for the Republican Party

Still, Trump backed the Fed's focus on holding U.S. interest rates down, saying that raising them now would be a blow to the U.S. economy. Trump had accused the Fed in November of keeping interest rates low to help Obama, an assertion the White House has flatly rejected.

"The best thing we have going for us is that interest rates are so low," he told Fortune.

"If rates are 3 percent or 4 percent or whatever, you start adding that kind of number to an already reasonably crippled economy in terms of what we produce, that number is a very scary number," he added.

Trump told the magazine he would take advantage of lower rates to refinance the country's debt and boost government spending on infrastructure and the military. Fortune will publish a full transcript of the interview later this week.

RELATED: Scenes from the 2016 New York primary

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2016 Election: Scenes from New York primary (Clinton, Trump)
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Trump says he'd replace Fed chief Yellen if he wins US presidency
MANHATTAN, NY - Winning the New York primary, former Secretary of State Hillary Clinton speaks to a packed room of supporters during the victory party at the Sheraton Hotel in midtown Manhattan, New York on Tuesday April 19 2016. (Photo by Melina Mara/The Washington Post via Getty Images)
MANHATTAN, NY - On New York state primary night, supporters of former Secretary of State Hillary Clinton cheer watching the primary results during the Hillary Victory Party at the Sheraton Hotel in midtown Manhattan, New York on Tuesday April 19 2016. (Photo by Melina Mara/The Washington Post via Getty Images)
MANHATTAN, NY - Winning the New York primary, former Secretary of State Hillary Clinton speaks to a packed room of supporters during the victory party at the Sheraton Hotel in midtown Manhattan, New York on Tuesday April 19 2016. (Photo by Melina Mara/The Washington Post via Getty Images)
MANHATTAN, NY - Winning the New York primary, former Secretary of State Hillary Clinton speaks to a packed room of supporters during the victory party at the Sheraton Hotel in midtown Manhattan, New York on Tuesday April 19 2016. (Photo by Melina Mara/The Washington Post via Getty Images)
MANHATTAN, NY - Winning the New York primary, former Secretary of State Hillary Clinton speaks to a packed room of supporters during the victory party at the Sheraton Hotel in midtown Manhattan, New York on Tuesday April 19 2016. (Photo by Melina Mara/The Washington Post via Getty Images)
MANHATTAN, NY - On New York state primary night, supporters of former Secretary of State Hillary Clinton watch the primary results and enjoy the party during the Hillary Victory Party at the Sheraton Hotel in midtown Manhattan, New York on Tuesday April 19 2016. (Photo by Melina Mara/The Washington Post via Getty Images)
Dupporters of Democratic presidential candidate Hillary Clinton snap cell phone pictures of her as she enters a victory party after winning the New York state primary election, Tuesday, April 19, 2016, in New York. (AP Photo/Kathy Willens)
Supporters of Democratic presidential candidate Hillary Clinton celebrate at her New York primary campaign headquarters, Tuesday, April 19, 2016, in New York. (AP Photo/Kathy Willens)
Democratic presidential candidate Hillary Clinton reacts as she arrives onstage at her New York presidential primary night rally in the Manhattan borough of New York City, U.S., April 19, 2016. (REUTERS/Mike Segar)
Members of the media await the arrival of Republican presidential candidate Donald Trump to a New York primary night event Tuesday, April 19, 2016, in New York. (AP Photo/Julie Jacobson)
US Republican presidential candidate Donald Trump speaks following victory in the New York state primary on April 19, 2016 in New York City. Donald Trump scored a crucial victory in the Republican primary in his home state of New York on April 19, advancing his bid to clinch the party's presidential nomination, US networks projected. (JEWEL SAMAD/AFP/Getty Images)
US Republican presidential candidate Donald Trump gestures after speaking in New York on April 19, 2016. Donald Trump scored a crucial victory in the Republican primary in his home state of New York on April 19, advancing his bid to clinch the party's presidential nomination, US networks projected. (JEWEL SAMAD/AFP/Getty Images)
NEW YORK, NY - APRIL 19: Republican presidential candidates Donald Trump speakS at a campaign press conference moments after winning the republican presidential primary at Trump Tower in New York, NY on Tuesday April 19, 2016. (Photo by Jabin Botsford/The Washington Post via Getty Images)
US Republican presidential candidate Donald Trump gives a thumbs up following victory in the New York state primary on April 19, 2016 in New York City. Donald Trump scored a crucial victory in the Republican primary in his home state of New York on April 19, advancing his bid to clinch the party's presidential nomination, US networks projected. (JEWEL SAMAD/AFP/Getty Images)
Republican U.S. presidential candidate Donald Trump's granddaughter Arabella (L), daughter Ivanka (C) and wife Melania (R) listen to him speak at his New York presidential primary night rally in Manhattan, New York, U.S., April 19, 2016. (REUTERS/Carlo Allegri)
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On the nation's debt, Trump moved away from comments he made to the Washington Post earlier this month in which said he would eliminate it "over a period of eight years."

Instead, he told Fortune he could tackle a portion of it.

"You could pay off a percentage of it, depending on how aggressive you want to be," he said. "I'd rather not be all that aggressive. I'd rather not have debt, but we're stuck with it."

Trump rival Ted Cruz, a U.S. Senator from Texas, has said he would audit the Federal Reserve and move to a rules-based monetary policy.

Other U.S. presidential candidates, including Democrat Bernie Sanders, have also vowed changes to the Fed.

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