PANews reported on August 31st that, according to Jinshi, in addition to Cook, who is currently in legal action against Trump, the Federal Reserve Board of Governors (a full seven-member board) also includes Powell and two Biden administration appointees (Jefferson and Barr), who, like Cook, align with Powell. In addition, there are two governors appointed by Trump during his first term (Waller and Bowman), both of whom voted in favor of the rate cut in July. Trump has nominated his advisor Stephen Milan to fill the vacancy left by Kugler's resignation. The Senate Banking Committee will hold a confirmation hearing for Milan next Thursday. If Milan's approval is swift, he could join the Fed in time for the September meeting, meaning Trump would have at least three supporters on the board. Furthermore, if a court rules that Trump can fire Cook, Trump would quickly nominate her successor, securing a four-to-three majority on the board. While such a ruling is unlikely before the September meeting, Cook's absence could leave the board tied between Trump's three appointees, Biden's two appointees, and Powell.PANews reported on August 31st that, according to Jinshi, in addition to Cook, who is currently in legal action against Trump, the Federal Reserve Board of Governors (a full seven-member board) also includes Powell and two Biden administration appointees (Jefferson and Barr), who, like Cook, align with Powell. In addition, there are two governors appointed by Trump during his first term (Waller and Bowman), both of whom voted in favor of the rate cut in July. Trump has nominated his advisor Stephen Milan to fill the vacancy left by Kugler's resignation. The Senate Banking Committee will hold a confirmation hearing for Milan next Thursday. If Milan's approval is swift, he could join the Fed in time for the September meeting, meaning Trump would have at least three supporters on the board. Furthermore, if a court rules that Trump can fire Cook, Trump would quickly nominate her successor, securing a four-to-three majority on the board. While such a ruling is unlikely before the September meeting, Cook's absence could leave the board tied between Trump's three appointees, Biden's two appointees, and Powell.
Possible composition of the Federal Reserve Board in September: Trump could have a 4-3 advantage, or a tie
PANews reported on August 31st that, according to Jinshi, in addition to Cook, who is currently in legal action against Trump, the Federal Reserve Board of Governors (a full seven-member board) also includes Powell and two Biden administration appointees (Jefferson and Barr), who, like Cook, align with Powell. In addition, there are two governors appointed by Trump during his first term (Waller and Bowman), both of whom voted in favor of the rate cut in July. Trump has nominated his advisor Stephen Milan to fill the vacancy left by Kugler's resignation. The Senate Banking Committee will hold a confirmation hearing for Milan next Thursday. If Milan's approval is swift, he could join the Fed in time for the September meeting, meaning Trump would have at least three supporters on the board. Furthermore, if a court rules that Trump can fire Cook, Trump would quickly nominate her successor, securing a four-to-three majority on the board. While such a ruling is unlikely before the September meeting, Cook's absence could leave the board tied between Trump's three appointees, Biden's two appointees, and Powell.
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