Democratic members of the U.S. Senate Committee on Banking, Housing and Urban Affairs issued a letter urging Committee Chairman Tim Scott to postpone the scheduled September 4 hearing on the nomination of Dr. Stephen Miran to the Federal Reserve Board of Governors and to pause consideration of all Federal Reserve nominees. They argued the Committee should instead hold an oversight hearing on the legal and economic implications of President Trump’s attempted removal of Federal Reserve Governor Lisa Cook and its impact on central bank independence. Signed by Ranking Member Elizabeth Warren and all Democratic members of the Committee, the letter characterises the attempted removal as unlawful and unprecedented, and frames it as a threat to Federal Reserve independence that could raise costs for households through higher prices for mortgages, credit cards, auto loans, and everyday goods. The Senators asked that the oversight hearing take precedence over any nomination hearings while the dispute over Governor Cook’s status remains unresolved.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-08-29
U.S. Senate Committee on Banking, Housing and Urban Affairs Democrats urge Chairman Scott to postpone Stephen Miran Federal Reserve nomination hearing
Democratic U.S. Senate Banking Committee members asked Chairman Tim Scott to delay the September 4 hearing on Dr. Stephen Miran's Federal Reserve Board nomination and pause all nominations. They seek an oversight hearing on the legal and economic implications of President Trump's attempted removal of Federal Reserve Governor Lisa Cook, citing concerns over central bank independence and potential economic impacts.