The White House is pressing Senate Republicans to confirm an ally of President Donald Trump to the Federal Reserve board in time for its next meeting in mid-September, when members will decide whether to slash interest rates for the first time this year.
The GOP-led Senate doesn’t return from the August recess until Sept. 2, giving a short timeline for Republicans to usher Stephen Miran, currently Trump’s chief economist, through two votes — one in the Banking Committee and another on the Senate floor. But the administration has been arranging a quick series of meetings with GOP senators to expedite the confirmation process.
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The next Fed meeting will take place on Sept. 16-17, and a White House official confirmed that Trump wants Miran in place by that date. The push to fast-track his appointment comes as Trump ramps up his scrutiny of Fed Chairman Jerome Powell over his reluctance to lower interest rates.
Miran, chairman of the White House Council of Economic Advisers, has had rolling meetings with GOP members of the Banking Committee, the panel that will be tasked with advancing his nomination to the full chamber. Sen. Bill Hagerty (R-TN) on Wednesday was the latest lawmaker to speak with Miran, and before that, he met with Chairman Tim Scott (R-SC) and Sen. Jim Banks (R-IN).
Meetings with additional committee members are planned in the coming days, according to a White House official who said the administration “has been working aggressively” to move Miran’s confirmation forward.
“Following a series of productive meetings with senators on the Banking Committee, there’s clear excitement and momentum behind his nomination to the Federal Reserve Board,” the official said. “With the president’s strong backing, we look forward to advancing his confirmation process in September.”
Even with committee support, senators will have just two weeks to get Miran confirmed by the entire chamber by the next Fed meeting, when the board will determine whether — and how much — to make its first cut of the year. Economists are generally predicting the Fed will slash its rates.
A senior Senate GOP aide said Republicans will prioritize nominees at the White House’s direction and noted that Republicans are considering rules changes to expedite the process for all nominees following Democratic roadblocks this summer that have held up dozens of Trump nominees.
Banking panel Republicans, in addition to administration officials, are envisioning a prioritized approval process, raising the potential for an abnormally quick confirmation.
Hagerty told the Washington Examiner in a statement that Miran should receive “swift confirmation.” Banks, who huddled with Miran Tuesday at the White House, has said Senate Republicans need to confirm him “ASAP before the Fed’s September meeting.” Sen. Bernie Moreno (R-OH), speaking to reporters earlier this month, also envisioned a September timeline while conveying constituent frustration over elevated interest rates.
“Every single stop, question one, two, or three was about why we haven’t lowered interest rates, which was very validating,” Moreno told the Washington Examiner of his interactions back in Ohio. “Hopefully, that happens in September.”
The Fed is expected to cut rates by 0.25% at next month’s meeting after recent major downward revisions in job reports showed a worse-than-expected labor market. But inflation concerns persist, particularly as Trump leans further into his tariff agenda.
If confirmed, Miran would fill the seat of Adriana Kugler, who resigned earlier this month. The term would run until Kugler’s term is set to expire Jan. 31, 2026.
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Powell’s term as Fed Reserve chairman expires in May 2026, but his time on the board itself runs through January 2028. He’s repeatedly rebuffed demands by Trump to support rate cuts.
Although Democrats have accused Miran of being a Trump loyalist, he expressed support for the independent nature of the Fed earlier this month by saying it’s “of paramount importance.”