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Investing.com -- The Republican-controlled U.S. Senate is on track to confirm Stephen Miran to the Federal Reserve before the central bank’s September rate-setting meeting, aligning with the Trump administration’s accelerated timeline, according to a report from Bloomberg News.
Democrats privately concede they lack sufficient votes to block Miran’s confirmation independently. Under Senate rules, they can only delay the process briefly in the Banking Committee following a hearing expected next week, and for a few days on the Senate floor.
President Donald Trump nominated Miran, a close adviser who currently serves as chair of the Council of Economic Advisers, to complete the remaining months of a term vacated by Fed Governor Adriana Kugler. Miran previously secured Senate confirmation earlier this year on a strict party-line vote of 53-46, with all Republicans supporting his appointment.
Despite the likely confirmation, Miran can expect intense questioning from Democrats regarding Trump’s dismissal of Fed Governor Lisa Cook and the administration’s pressure on the central bank to reduce interest rates.
The exact date for Miran’s Banking Committee hearing has not yet been announced.
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