The U.S. Senate will hold a hearing next week on the nomination of Milan as a Federal Reserve Board Governor.

Jinse Finance reported that, according to two sources familiar with the matter, the U.S. Senate Banking Committee is expected to hold a hearing next week on the nomination of Milan as a (temporary) Federal Reserve Board member. This hearing had been in preparation even before Trump took action against Cook, and has not yet been officially announced. The hearing will test the extent of Republican support for Trump’s aggressive plan to reshape the Federal Reserve, while also providing Democrats with a new opportunity to pressure Republican lawmakers to clarify their stance on maintaining the Fed’s independence. A Republican congressional aide, speaking about Milan’s nomination, said: “Now it’s more like a statement of political position, and also a ‘referendum’ on Trump. The nomination itself has already moved beyond the control of the nominee.” (Golden Ten Data)