[Democrats Gain Control of Senate, Fed Independence May Be Stronger Guaranteed] President Trump's attempt to reshape the Federal Reserve and dictate interest rate policy to his will encountered significant resistance after Democrats won control of the Senate on Tuesday. The change of control is a major political shift that was previously considered unlikely. It will effectively prevent the White House from appointing Trump-loyal officials to the Fed's seven-member board of governors, thus depriving the current administration of its most important means of directly strengthening control over the US central bank. With a Democratic majority, Massachusetts Senator Elizabeth Warren is expected to chair the Senate Banking Committee, which oversees the Fed, and Warren is expected to block any nominees deemed overly subservient to executive pressure from being confirmed.