The US Senate narrowly confirmed President Donald Trump’s nominee, Stephen Miran, to the Federal Reserve’s Board of Governors with a 48-47 vote. Miran, the current chair of the White House Council of Economic Advisers, becomes the first sitting White House official to serve on the Fed board since its modern restructuring in the 1930s. His rapid confirmation has raised concerns about the Federal Reserve’s traditional independence, especially as Miran is expected to participate as a voting member in a critical upcoming Fed meeting focused on interest rate decisions.
Miran supports Trump’s push for significant interest rate cuts to bolster the weakening US labor market and is a firm advocate of Trump’s global tariffs, believing they won’t drive inflation. Critics, including Democratic Senator Elizabeth Warren, worry that Miran may be too closely aligned with Trump, questioning his ability to act independently on the Fed. Trump’s ongoing intense pressure on the Fed, including personal attacks on Chair Jerome Powell and attempts to remove Fed Governor Lisa Cook, adds to the heightened political tensions surrounding Miran’s confirmation.
Despite these concerns, Miran has pledged to uphold the Fed’s independence and fulfil his duties based on economic analysis and long-term stewardship. The narrow Senate vote reflected deep partisan divides, with the only Republican dissenting being Senator Lisa Murkowski.
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