Trump's Federal Reserve nominee Milan is expected to pass the Senate Banking Committee.

[Trump's Federal Reserve nominee Miran expected to clear Senate Banking Committee] White House senior economic advisor Stephen Miran is expected to clear obstacles in the U.S. Senate on Wednesday to secure his nomination to the Federal Reserve Board of Governors and further advance Trump's efforts to exert more direct influence on interest rate policy and the Fed's broader functions. The Senate Banking Committee is expected to hold a vote before a hearing scheduled for 10 a.m. Eastern Time (10 p.m. Beijing Time) to send Miran's nomination to the full Senate. Democratic senators are expected to vote unanimously against it, but the committee's Republican majority of 13 to 11 is expected to ensure the nomination passes. Lawmakers involved in the process indicate that it is currently uncertain whether the remaining confirmation process can be completed in time for Miran to participate in the Fed's policy meeting on September 16-17. A Senate Republican aide familiar with the confirmation process indicated that under the Senate's complex rules, Miran could be approved as early as Monday, leaving little time to complete other necessary steps before he is sworn in. However, the Republican majority of 53 to 47 in the Senate means that even if he cannot participate in next week's interest rate vote in time, he is likely to take office shortly thereafter.