The US Senate plans to hold a full vote on Trump's nomination of Stephen Miran to the Federal Reserve Board on Monday evening, September 15th.

Before the full Senate vote, Miran's nomination passed the Senate Banking Committee on the 10th by a vote of 13 to 11. Given the Republican majority in the Senate, Miran's nomination to the Federal Reserve Board is expected to be approved by the Senate.

If Miran's nomination is approved, he will join the Federal Reserve's Monetary Policy Committee and participate in subsequent votes on the Fed's interest rate decisions.

The question now is whether Miran can make it to next week's Federal Reserve's September interest rate meeting.

Lawmakers will first hold a procedural vote, which, if approved, will pave the way for Miran's Senate confirmation. This will leave him with a narrow window to complete the remaining steps, including paperwork and swearing-in, before the Fed's two-day meeting begins next Tuesday.

In other words, Miran has very little time to complete these steps in time for next week's interest rate meeting. In recent US history, the fastest time for a Federal Reserve Board nominee to go from Senate confirmation to swearing-in is four business days.

Although US Treasury Secretary Benson said this week that he believes Miran can make it to the Fed's September 17th meeting, several US senators have stated that the likelihood of Miran being in place in time for the vote on interest rates next week is slim.

Notably, the Republicans' speed in moving forward with Miran's nomination is unprecedented, with only 39 days between the announcement of the nomination and the final Senate vote.

The faster timeline highlights Trump's urgency in trying to control the Federal Reserve. Concerned that Trump's tariff policies could reignite inflation, the Fed has kept interest rates unchanged this year.

However, recent labor market weakness has led several Fed policymakers, including Chairman Powell, to favor a cautious rate cut. The Fed is widely expected to vote to cut its policy rate by 25 basis points next week.

Analysts say if Miran makes it to next week's Fed decision, he might dissent in the upcoming vote to show his support for the larger rate cuts Trump wants.