The Senate on Monday confirmed Stephen Miran, President Trump's senior economic adviser, to the Federal Reserve board in a tight 48-47 vote that came just two weeks after the legislative body received the nomination—the second-quickest Fed confirmation in more than 25 years, the Wall Street Journal reports. Just one Republican, Lisa Murkowski of Alaska, voted against him, NBC News reports. The move came mere hours before a key Fed meeting. Miran steps in to fill the seat vacated by Adriana Kugler, who resigned last month.
Miran's appointment is notable not only for its speed but also for the unusual arrangement that will see him remain on unpaid leave from his current post as chairman of Trump's Council of Economic Advisers. This makes him the first executive-branch official to serve on the Fed board since the central bank underwent a major governance overhaul in 1935. Miran told lawmakers he would act independently but intends to return to the White House if not nominated for another central-bank role when his term ends in January.
Miran's new role is drawing scrutiny from both former Fed officials and economists, who worry that keeping one foot in the executive branch could undermine the Fed's reputation for independence. Critics see it as part of Trump's broader effort to bring monetary policy under tighter White House control. Miran himself has previously criticized the revolving door between the Fed and executive branch, questioning whether officials can truly separate politics from policy.
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As Miran prepares to participate in this week's two-day Fed meeting, analysts expect him to push for a larger interest-rate cut, aligning with Trump's repeated calls for looser monetary policy. Meanwhile, the White House is seeking to remove Fed governor Lisa Cook, adding to the ongoing drama around the central bank's leadership. An appeals court ruled Monday she can remain a governor, but the Trump administration is expected to quickly appeal to the Supreme Court.
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