Trump’s Fed nominee will face a swift Senate hearing

No Republicans suggest they will oppose Stephen Miran for the post.

- By STEVEN T. DENNIS

ANDREW HARNIK Getty Images MIRAN, at left, is chair of the White House Council of Economic Advisors.

President Trump’s campaign to reshape the Federal Reserve gains ground on Thursday with an accelerated Senate confirmation hearing on hisnomination of aclose advisor to be a governor of the central bank.

The Senate Banking Committee's examination of Stephen Miran’s appointment will provide the first extended look at how prominent Republican senators balance their longstanding support of an independent central bank against loyalty to their party leader. Trump has publicly vowed to gaina “majority, very shortly” on the Fed and bring down interest rates.

No Republican senators have yet suggested they would oppose Miran, currently chairman of the White House Council of Economic Advisers, and risk a breach with Trump.

Democrats privately acknowledge that the committee’s timetable likely leaves them unable to delay a confirmation vote long enough to prevent Miran from participating in a key mid-September monetary policy meeting, in which the centralbankis already expected to lower interest rates for the first time since December.