Scoop: Fed fight revives Senate showdown over Trump nominees

• Every Democrat on the Senate Banking Committee requested that Senate GOP leadership postpone next week's hearing of Stephen Miran nomination to serve on the Fed's Board of Governors.
• The Democrats are demanding that Republicans instead hold hearings about the economic and legal consequences of Trump's unilateral actions to shape the board to his liking.
• "This action raises serious legal concerns and threatens the independence of the Federal Reserve, which could make mortgages, credit cards, auto loans, and everyday goods more expensive for American families," the Democrats said in the letter, first obtained by Axios.

Driving the news: Senate Republican leaders on Thursday teed up Miran's confirmation hearing for their first week back from a month-long summer break. The position is a key one for Trump to fill amid signs that he could soon seek to replace Fed Chair Jerome Powell.

• Cook's firing and her fate on the board is headed to court, where the judiciary could make critical decisions about the executive's power over the independent central bank. Cook has refused to resign and said she will continue to do the job.
• The Senate Democrats say no Fed nominations should go forward until hearings are held on Trump's attempts to strong-arm the central bank.

• Trump is furious over Powell's decision not to cut interest rates yet this year. Ousting Cook would free up the seat for someone more amenable to lowering interest rates.

Between the lines: Senate Republicans and Democrats are already embroiled in a bitter battle over the pace of confirmation of Trump nominees, with Democrats doing everything they can to slow the process.

• The fresh fight over new Federal Reserve nominees will only add fuel to that fire, with Senate Republican leaders threatening to change Senate rules to bypass the Democratic dissent.

What they're saying: "We have a responsibility to the American public to ensure that the Federal Reserve is making decisions that are in the best interest of businesses and households, pursuant to its congressional mandate, not based on the whims of the President," the Democrats said in the letter.