The Federal Reserve Board is composed of Powell and two Biden appointees. In addition, two governors appointed by Trump support the recent rate reduction.
Trump has nominated his advisor, Stephen Milan, to fill Kugler’s vacancy. The Senate Banking Committee is set to confirm Milan next Thursday, which could increase Trump’s board supporters.
A court ruling allowing the dismissal of Cook could provide Trump with a 4-3 majority. However, this ruling may not occur before the September meeting.
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