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

Stephen Miran, a senior White House economic adviser, is expected to clear a hurdle in the US Senate on Wednesday to secure a nomination to the Federal Reserve board of governors, furthering Mr. Trump's efforts to exert more direct influence over interest rate policy and the Fed's broader functions. The Senate banking committee is expected to vote before a hearing at 10am EST (10pm Beijing time) to send Mr. Miran's nomination to the full Senate. Democrats are expected to vote against it en masse, but the committee's 13-11 Republican majority is expected to secure the nomination. Lawmakers involved in the process said it was uncertain whether the remaining confirmation process would be completed in time for Mr. Miran to attend the Fed's policy meeting on September 16-17. A Senate Republican aide familiar with the confirmation process said that under the Senate's complex rules, Milan could be approved as early as Monday, leaving little time to complete other necessary steps before Milan is sworn in. However, the Senate's 53-47 Republican majority means that even if he is unable to participate in next week's interest rate vote in time, he is likely to arrive soon.