Senate Democrats Ask for Delay of Hearing on New Fed Board Nominee

Democratic Senators urged the Senate Banking Committee to postpone consideration of Federal Reserve Board Governor nominee Dr. Stephen Miran.

The Senate Banking Committee scheduled the hearing for September 4, 2025.

In a letter to Banking Committee Chair Tim Scott, the Senators objected to the date scheduled shortly after President Trump "attempted to unlawfully remove Governor Lisa Cook from the Federal Reserve Board." They asserted that the Federal Reserve Act does not give the President authority to "dismiss a sitting Governor at will" or based on unverified allegations. They warned that undermining the Fed’s independence could erode public confidence and raise borrowing costs for households through higher rates on mortgages, credit cards, auto loans, and other consumer products.

The Senators called on the Chair to cancel the hearing and instead hold an oversight hearing on the legal and economic implications of the President’s actions.