Possible composition of the September Federal Reserve Board: Trump may have a four to three advantage, or it may end in a tie.

In addition to Cook, who is currently suing Trump, the Federal Reserve Board of Directors also includes Powell and two directors appointed by the Biden administration, who, like Cook, are aligned with Powell. In addition, there are two directors appointed by Trump in his first term, both of whom voted in favor of rate cuts in July. Trump has nominated his advisor Stephen Moore to fill the vacancy left by Kugler's resignation. The Senate Banking Committee will hold a confirmation hearing for Moore next Thursday, and if approved quickly, he may join the Federal Reserve in time for the September meeting, meaning Trump would have at least three supporters on the board. Additionally, if the court rules that Trump can dismiss Cook, he will quickly nominate her successor, which would give him a majority of four out of seven supporters on the board. This ruling is unlikely to be completed before the September meeting, but Cook's absence could result in a tie between the three directors appointed by Trump, the two appointed by Biden, and Powell.