August 26, 2025

President Donald Trump’s rapidly escalating war with the Federal Reserve is set to become one of the first high-profile clashes in Congress when lawmakers return from their August recess.

Trump’s move to fire Fed Reserve Gov. Lisa Cook late Monday is now looming large over a Senate Republican push to confirm Stephen Miran to a separate Fed seat. Miran’s nomination hearing in front of the Senate Banking Committee is expected next week, according to two people with knowledge of the matter who were granted anonymity to discuss unannounced plans.

The hearing, which was in the works prior to the president’s move against Cook and has not been officially announced, is poised to test the extent to which Republicans will back Trump’s aggressive Fed shake-up and give Democrats a new opening to press GOP lawmakers on their commitment to maintaining the central bank’s independence.

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