Trump’s Fed Pick Miran Moves Closer to Senate Approval

Stephen Miran, a senior economic advisor in the White House, is on track for a key Senate vote that would move his nomination to the Federal Reserve Board forward. His confirmation would strengthen President Donald Trump’s influence over the central bank’s direction, especially regarding interest rate policy.
The Senate Banking Committee is expected to vote on Miran’s nomination before a scheduled hearing at 10:00 AM EDT. With Republicans holding a narrow 13-11 majority on the panel, the vote is likely to advance despite unanimous Democratic opposition.
However, it remains uncertain whether Miran will be confirmed in time to take part in the Fed’s upcoming policy meeting on September 16-17. Due to procedural rules in the Senate, the earliest a full confirmation vote could occur is Monday, leaving little room to complete the necessary steps for him to be sworn in ahead of that meeting.
Still, with a 53-47 Republican majority in the Senate, his confirmation is considered likely—even if delayed. Once seated, Miran would join two other Trump-appointed Fed governors who supported rate cuts at the last policy meeting, differing from the majority who voted to maintain the benchmark rate at 4.25%-4.50%.
At the same time, Trump is attempting to open another spot on the seven-member board by trying to remove Governor Lisa Cook, alleging misconduct related to mortgage fraud—a claim she denies and is currently contesting in court. For now, she continues in her role while the case is under judicial review.
Many central bank officials, including Fed Chair Jerome Powell, have indicated a possible shift toward lowering interest rates due to signs of a weakening labor market. Recent data has highlighted a slowdown in job growth, a trend that began even before Trump’s current policies took effect.
Trump, however, has called for more aggressive and faster rate reductions than the gradual pace expected by financial markets and some economists, who cite persistent inflation pressures as a reason for caution.
During his recent Senate hearing, Miran did not take a firm stance on interest rate cuts but expressed confidence that inflation is easing and that tariffs are unlikely to reverse that trend—views that generally align with a more accommodative monetary stance.
Analysts suggest that Miran’s addition to the board would tilt the Fed slightly more dovish, as he would replace a more hawkish member, Adriana Kugler, who unexpectedly vacated her position in August. Her term was set to expire at the end of January.
In an unusual move, Miran has said he will take unpaid leave from his White House role while serving at the Fed, rather than formally resigning. He also indicated he might remain longer if no successor is named by the end of his current term.
Some observers argue that the outcome of the upcoming Fed meeting won’t be significantly affected by whether Miran is confirmed in time or whether Cook remains on the board. However, the broader implications of these appointments—and potential removals—raise concerns about political pressure on the central bank.
The structure of the Federal Reserve, with its long 14-year terms for governors and legal protections against removal for political reasons, is intended to shield monetary policy from short-term political influence. Critics worry that recent developments could challenge that independence.