Senate Rules Change to Fast-Track Fed Nomination

By Richard Cowan

WASHINGTON (Reuters) – A proposed Senate rules change could expedite President Donald Trump’s Federal Reserve Board nominations if approved by the Republican-controlled chamber.

The Republican president has nominated Stephen Miran to fill a Fed Board vacancy. If the change in Senate rules on presidential nominations is quickly approved, Miran could potentially be appointed to the central bank before the September 16-17 Federal Open Market Committee meeting.

Under the proposed rule, all executive branch nominations, except for Cabinet-level positions and federal judges, could be processed more rapidly. Nominations would be bundled and voted on “en bloc” under the new rule.

An anonymous Senate Republican aide noted that if the Senate Banking Committee approves Miran’s nomination and forwards it to the Senate floor for a vote before the rule change, it would be subject to the chamber’s current, more time-consuming rules.

Currently, Miran serves as the chair of the President’s Council of Economic Advisors within the Trump administration.

The Republicans hold a 53-47 edge in the Senate. Since Trump’s return to office in January, Republicans have expressed frustration over Democratic delays in confirming his nominees. Previously, when Democrats controlled the Senate, Republicans used similar delaying tactics against nominees under former Democratic President, Joe Biden.

The rules change only requires a simple majority vote, allowing it to pass solely with Republican support.