Locking in positions before the September decision? Trump pushes aggressively for Stephen Milan's nomination to the Federal Reserve, Democrats can't stop it but will 'fight hard' in questioning
On August 28, the Trump administration is racing to finalize personnel arrangements at the Federal Reserve, aiming to confirm Stephen Milan's nomination to the Federal Reserve Board before the September interest rate decision—backed by the Republican-controlled Senate, this aggressive plan is likely to come to fruition unless there are unexpected procedural delays or opposition.
Democrats have privately admitted that they cannot stop Milan's nomination on their own. According to the rules, all they can do is: after the yet-to-be-determined hearing next week, briefly slow down the process in the Banking Committee and then consume several more days during the full Senate vote.
However, 'not being able to stop' does not mean 'not fighting back.' Milan is expected to face intense questioning from Democrats during the hearing, focusing on the controversial actions of the Trump administration: including the removal of Federal Reserve Board member Lisa Cook, attempts to coerce the Federal Reserve into cutting interest rates, and the rationale behind other economic policies.
This game surrounding the Federal Reserve Board seat is entering a countdown as the September decision approaches.