Trump can't pack the Fed board with allies now
Summary
President Donald Trump’s effort to replace Biden-era Federal Reserve governors with allies faces a likely obstacle: a Democratic Senate may block nominees it considers insufficiently independent. Courts have so far blocked Trump’s effort to fire Governor Lisa Cook, while Jerome Powell, Michael Barr and Philip Jefferson remain on the board.Key Facts
- Trump is seeking to fire Lisa Cook over alleged mortgage fraud, but courts have blocked the effort so far.
- The White House plans to hold a hearing on the allegations against Cook next month.
- Powell’s term as a Fed governor ends in January 2028.
- Barr’s term as a governor runs through 2032.
- Jefferson’s term as vice chair ends in September, while his governor term runs through 2036.
- A Democratic Senate is expected to block replacements it considers insufficiently independent from the administration.
- Elizabeth Warren is set to chair the Senate Banking Committee, which must advance Fed governor nominees.
- John Fetterman was the only Senate Democrat to vote to confirm Kevin Warsh.
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