Last week, Trump criticized the US central bank twice, saying it was raising interest rates so swiftly that it threatened the country's economic health.
Trump appointed Powell but told Fox, "maybe it's right, maybe it's wrong". Regan interjected, referring to Powell: "But you put him there". Critics have expressed concern that his continual attacks on the Fed, which began in the summer, threaten its need to operate free of political pressure from the White House or elsewhere to properly manage interest rate policy.
Trump has blamed the market's big sell-off on rising rates and has described the Fed as being "out of control".
Those remarks came in a week when the stock market, which Trump has often cited as a barometer for his stewardship of the economy, was plunging. Auto loan rates are at a nine-year high, and 30-year fixed mortgage rates recently climbed to their highest level in seven years.
So far this year, policymakers have already voted to hike short-term interest rates three times, and are poised to do so again in December, staying the course they laid out late last year.
Trump's criticism intensified after last week's big stock market tumble, which has been partially reversed this week. The Dow Jones Industrial Average jumped 547 points.
Presidents for more than two decades avoided public comments on Fed policy as a way of demonstrating respect for the institution's independence.
President Donald Trump's unhappiness with the Federal Reserve for hiking interest rates seems to be having little sway with policymakers.
The Fed minutes did not include any discussion of Trump's attacks.
The central bank continues to have a bullish outlook on the USA economy, and praised "robust increases" in household income, the minutes show. "I put a couple of other people there I'm not so happy with too but for the most part I'm very happy with people".
Under the law that established the Fed, a president can remove a board member "for cause".