Senate Prepares Hearing on Trump Fed Pick as Cook Fights Ouster

The Senate Banking Committee is preparing to hold a hearing on Stephen Miran, President Donald Trump's nominee to the Federal Reserve Board of Governors, as early as next week, Bloomberg News reported Tuesday, citing a person familiar with the matter. Reuters noted it could not independently confirm the report.

Miran, a Harvard-trained economist who currently chairs the Council of Economic Advisers, was formally nominated on Aug. 7 to fill the seat vacated by Governor Adriana Kugler, whose term ends in January 2026. His nomination is central to Trump's push to align the Fed with his broader economic agenda, including lower interest rates and a weaker dollar to support U.S. manufacturing.

The White House has been lobbying aggressively to move Miran's confirmation quickly, hoping he could be seated before the Fed's September policy meeting. Democrats, however, have raised concerns over Miran's past criticisms of Fed independence. Sen. Elizabeth Warren, D-Mass., vowed to press him on whether he would serve as a neutral policymaker or a Trump loyalist.

The looming hearing comes amid Trump's unprecedented effort to fire sitting Fed Governor Lisa Cook. Trump accused Cook of misleading mortgage application filings and ordered her immediate removal, charges she rejects. Cook has pledged to sue, arguing that the Federal Reserve Act does not permit the president to summarily dismiss governors.

Trump's push to install Miran also comes against the backdrop of his escalating feud with Fed Chair Jerome Powell, who has resisted repeated calls from the president to slash interest rates. Trump has accused Powell of "choking the economy" by keeping borrowing costs elevated, arguing that lower rates are essential to boosting growth ahead of the election. Powell has defended the Fed's independence, insisting that monetary policy decisions must be guided by data rather than political pressure — setting up yet another clash between the central bank and the White House.

Together, Miran's fast-tracked nomination and Cook's contested removal mark Trump's most direct challenge yet to the Fed's independence — setting the stage for a high-stakes battle on Capitol Hill that could reshape the central bank's role for years to come.