Democratic Senate Control Strengthens Oversight of Federal Reserve

Following a Democratic midterm victory, the Senate's control over appointments strengthens the Federal Reserve against efforts by Donald Trump to influence the central bank. Elizabeth Warren, a critic of the Federal Reserve Chairman, may replace Tim Scott as chair of the Senate Banking Committee. This new oversight allows the committee to investigate issues, including the Chairman's disposition of hundreds of millions of dollars in assets.

The Democratic majority provides guardrails against Donald Trump placing allies on the Federal Reserve board, stymying his efforts to meddle with the central bank. Democrats, who campaigned on cost-of-living issues, have an incentive to push the Federal Reserve on its inflation mandate.