Federal Reserve Board Faces Potential Changes Amid Legal Disputes

According to BlockBeats, the Federal Reserve Board, currently comprising seven members, is experiencing potential shifts in its composition. U.S. President Donald Trump is involved in legal proceedings with board member Cook. The board includes Chair Jerome Powell and two members appointed by the Biden administration, Jefferson and Barr, who align with Powell. Additionally, two members, Waller and Bowman, appointed during Trump's first term, voted in favor of a rate cut in July. Trump has nominated his advisor, Stephen Milan, to fill the vacancy left by Kugler's resignation. The Senate Banking Committee is scheduled to hold a confirmation hearing for Milan next Thursday. If confirmed swiftly, Milan could join the Federal Reserve in time for the September meeting, potentially increasing Trump's influence with at least three supporters on the board. Furthermore, if the court rules in favor of Trump dismissing Cook, he plans to quickly nominate her successor, aiming to secure a majority of four supporters on the board. However, it is unlikely that this ruling will be finalized before the September meeting. Cook's absence could lead to a tie among the three Trump-appointed members, the two Biden-appointed members, and Powell.