Senate Republicans are aiming to confirm President Donald Trump’s temporary Federal Reserve pick as soon as Monday, according to two people granted anonymity to discuss internal plans.
The Senate Banking Committee advanced Stephen Miran’s nomination to the Fed’s Board of Governors on Wednesday along party lines.
It gives Republicans a tight timeline to get him seated ahead of a two-day meeting that will start Tuesday morning. While Miran’s vote alone won’t be decisive, the administration has been eager to have him confirmed in time for the meeting, allowing him to take part in a crucial discussion about interest rates.
Fed Chair Jerome Powell has signaled that the central bank will cut rates at the meeting, but there is an open question about how dramatic a move it will make.
To confirm Miran Monday, Republicans will need to tee up his nomination on the Senate floor on Thursday. That would pave the way for an initial vote Monday evening, with Republicans able to hold a confirmation vote two hours later.
The Senate is currently navigating a surprise fight over the Jeffrey Epstein files, as well as a GOP effort to change the rules for most nominations.
Senate leaders are confident he has the votes for confirmation. Losing three GOP senators would still allow Vice President JD Vance break a tie. His nomination got a significant boost when Sen. Thom Tillis (R-N.C.), a member of the Banking Committee, said he would support him for the temporary appointment replacing Adriana Kugler, who resigned last month.
Jasper Goodman contributed to this report.
