US Senate rules change would speed Fed Board nominations, Republican aide says

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By Richard Cowan

WASHINGTON (Reuters) -A proposed Senate rules change that could be debated as soon as early next week would place President Donald Trump’s Federal Reserve Board nominations on a fast-track, if it is approved by the Republican-controlled chamber, a Senate Republican aide said on Friday.

The Republican president has nominated Stephen Miran to fill a Fed Board vacancy. If the change in Senate rules on the handling of presidential nominations is promptly approved, Miran potentially could be put in place on the central bank before the September 16-17 meeting of the Federal Open Market Committee interest-rate setting panel.

Under the rule change, all executive branch nominations, other than Cabinet-level positions and federal judges, could move through the chamber more quickly. Several nominations would be bundled together and voted upon “enbloc” under the proposed rule.

The aide, speaking on condition of anonymity, added that if the Senate Banking Committee approves the Miran nomination and sends it to the Senate floor for a confirmation vote before the rules change is approved, Miran’s nomination could be debated and voted upon under the chamber’s more time-consuming, existing rules.

Miran currently serves in the Trump administration as the chair of the president’s Council of Economic Advisors.

Republicans control the Senate by a 53-47 margin. Since Trump returned to office in January, Republicans have bristled at delaying tactics employed by Democrats on confirming Trump nominees. When the Senate was controlled by Democrats, Republicans resorted to such delaying tactics on nominees from Democratic former President Joe Biden.

The rule change would require only a simple majority vote, meaning it could be passed with only Republican votes.

(Reporting by Richard Cowan, Editing by Franklin Paul)