US President Trump and nominee for Fed Governor Miron. AFP Yonhap News. 

US President Donald Trump is continuing his efforts to fill the Board of Governors of the Federal Reserve (Fed) with his close associates.

The US Senate Banking Committee approved the nomination of Stephen Miron as a Fed Governor on the 10th (local time), according to foreign media reports including The New York Times (NYT).

All 13 Republican committee members voted in favor, while all 11 Democratic committee members voted against.

The nomination now only awaits a vote on the Senate floor.

If the Senate approves the nomination in a plenary session as early as the 15th, Miron could attend the Fed's Federal Open Market Committee (FOMC) meeting scheduled for the 16th-17th as a governor.

Democrats have expressed concerns that Miron's nomination, given his close ties to President Trump, would weaken the Fed's independence and increase the Trump administration's interference in monetary policy.

President Trump has repeatedly argued that the Fed should lower interest rates and has repeatedly criticized Fed Chair Jerome Powell, who has not followed these demands, urging his resignation.

President Trump is trying to place his people on the seven-member Board of Governors to make the Fed an organization that complies with his directives.

President Trump is appointing Miron to the vacancy created by the unexpected resignation of Fed Governor Adriana Kugler, while also attempting to dismiss Fed Governor Lisa Cook, who was appointed by the previous Biden administration.

Last month, President Trump accused Governor Cook of mortgage fraud and notified her of her dismissal. However, the court the previous day granted Cook's request for an injunction to halt her dismissal, allowing her to retain her position for the time being.

The court ruled that the fraud allegations cited by President Trump as grounds for dismissal occurred before Cook took office as a Fed Governor, and therefore did not constitute sufficient grounds for dismissal.

Meanwhile, the Trump administration is arguing that the president has broad authority to determine dismissal grounds, suggesting that fierce legal battles are expected in the main lawsuit.

With Governor Cook remaining in her position for the time being, the possibility of her attending this FOMC meeting has also increased.

The Justice Department of the Trump administration appealed the court's injunction decision on the same day.

Yonhap News Agency