Trump's Federal Reserve nominee, Milan, is expected to pass the Senate Banking Committee

Jinse Finance reported that Stephen Miran, a senior economic advisor at the White House, is expected to clear the U.S. Senate hurdle on Wednesday and receive a nomination as a Federal Reserve governor, further advancing Trump's efforts to exert more direct influence on interest rate policy and the broader functions of the Federal Reserve. The Senate Banking Committee is expected to vote before a hearing scheduled for 10:00 a.m. Eastern Time (UTC+8 10:00 p.m.), submitting Miran's nomination to the full Senate. It is expected that all Democratic members will vote against, but the committee's 13-11 Republican majority is likely to ensure the nomination passes. Lawmakers involved in the process said it is still uncertain whether the remaining confirmation steps can be completed in time for Miran to participate in the Federal Reserve policy meeting on September 16-17. A Senate Republican aide familiar with the confirmation process said that, according to the Senate's complex rules, Miran could be approved as early as Monday, so there is little time left to complete other necessary steps before Miran is sworn in. However, with a 53-47 Republican majority in the Senate, even if he cannot participate in next week's interest rate vote in time, he is still likely to take office soon after.