Internet reports that the U.S. Senate Banking Committee will vote on Milan's nomination for a Fed governor on September 10 local time, which may allow it to be confirmed by the full Senate before the Fed's September interest rate decision. The Federal Reserve will hold an interest-rate meeting on September 16 and 17 and is expected to cut interest rates for the first time since December last year. Milan won Republican support last week by making a series of guarantees in private and public that he would support the Fed's independence on monetary policy rather than follow Trump's orders. If there are no surprises, the committee is expected to pass the nomination and send the matter to the full Senate for a vote. It will take several days for Senate Republican leaders to push for the necessary procedural votes to clear obstacles and complete final confirmation. During the plenary vote, as long as four Republican senators defected, the nomination could be rejected. Six months ago, all Republican senators voted for Milan as chairman of the White House Council of Economic Advisers.