Key takeout
Trump’s Federal Reserve Governor candidate, Stephen Milan, is scheduled for a confirmation hearing in the Senate on September 4th. Milan’s confirmation may precede the Federal Reserve’s major pricing meeting despite opposition.
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The Senate Banking Committee confirms that Trump candidate Stephen Milan is a candidate to the Federal Reserve Committee on September 4th.
Milan, who currently chairs the Economic Advisors Council and known for his pro-cryptic attitude, was chosen by Trump to take over the Fed seat left behind by Adriana Coogler earlier this month.
Treasury Secretary Scott Becent and other administration officials are seeking confirmation of Milan before the Fed sets prices on September 16-17, and the Republican-led Senate is expected to approve him despite potential Democrats.
Milan previously secured a confirmation from the Senate as chairman of the Economic Advisors Council in a 53-46 partisan vote, but Republicans did not oppose his appointment.
Democrats cannot block the nomination independently, but it could potentially lead to Milan questioning Milan about the firing of federal Gov. Lisa Cook and pressure the central bank to lower interest rates.
Republican senators, including Louisiana’s John Kennedy, have defended Fed Chairman Jerome Powell, but may scrutinise candidates’ stances on Fed independence.
If Milan joins the Federal Reserve Commission, he is likely to forcefully defend low interest rates and policy positions that are consistent with President Trump’s agenda.
In his role as governor, Milan voted directly on the interest rate decision, amplifying the incredible influence at meetings where the committee is split and shaped the outcome.
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