The likely composition of the Federal Reserve Board of Governors in September: Trump could have a 4-3 advantage or a tie

In addition to Cook, who is in a "legal battle" with Trump, the Fed's seven governors include Powell and two Biden administration-appointed governors (Jefferson and Barr), who, like Cook, are on Powell's side. In addition, there are two governors appointed by Trump during his first term (Waller and Bowman), who both voted in favor of a rate cut in July. Trump has nominated his adviser Stephen Millan to replace the vacant position left open by Coogler's resignation. The Senate Banking Committee will hold a confirmation hearing for Millan next Thursday. If approved quickly enough, he may join the Federal Reserve in time for the September meeting, which means Trump will have at least three supporters on the board. In addition, if the court rules that Trump can fire Cook, Trump will quickly nominate her successor, gaining a 4-3 majority of supporters on the board. The ruling will be difficult to finalize before the September meeting, but Cook's absence could leave the board tied between the three Trump appointees, the two Biden appointees, and Powell.