US Republicans propose rule changes to speed up confirmation of Fed board nominations

A Republican Senate aide said Friday that a proposed rule change, scheduled for consideration early next week, would expedite the confirmation process for President Trump's nominees to the Federal Reserve Board if approved by the Republican-controlled Senate. Trump has nominated Stephen Milan to fill a vacant seat on the Federal Reserve Board. If the Senate approves the rule change governing the handling of Trump's nominees in a timely manner, Milan is expected to take office before the Federal Open Market Committee's interest rate-setting meeting on September 16-17.