Democrats’ Senate majority limits Trump’s influence over the Federal Reserve

Democrats won a majority in the US Senate in the midterm elections.

The Senate must approve governors nominated by President Donald Trump to serve on the Federal Reserve’s seven-member board.

Trump has appointed three current governors, leaving him short of a majority on the board.

If Democrats block new nominees, Trump may struggle to add supportive governors during his term.

That could limit the White House’s influence over interest rates and bank regulation.

The Senate’s control of confirmations is the key next step described.