Senate Confirms Trump Pick Stephen Miran to Join Federal Reserve

Stephen Miran, chair of the White House Council of Economic Advisers, will join the Federal Reserve Board of Governors.

Senators voted 48—47 on Sept. 15 to confirm Miran’s nomination.

The vote could give Miran an immediate say in Fed policy decision-making when the central bank meets this week.

Democratic lawmakers argue that Miran will serve as President Donald Trump’s proxy, blurring the line between the executive branch and Fed independence.

Following the resignation of Fed Governor Adriana Kugler in August, Trump quickly nominated Miran to replace her temporarily until January 2026.

Once his four-month term expires, the president will either renominate Miran or find a substitute.

Federal Reserve independence has been the central theme throughout his confirmation process.

“This nomination sets up an obvious Trump loyalty test for Dr. Miran,” Warren said. “He notes that every vote he takes determines whether he can go back to his White House job.

“That is not independence, that is servitude. He will have zero credibility with markets, zero credibility with businesses, and zero credibility with the public.”

“There’s nothing wrong with politicians in Washington offering their opinions,” Kennedy said. “You can’t stop them. But we need a monetary plan that was put together by something other than vodka and darts, and that’s what we have the Federal Reserve for.”

Miran, a former senior strategist at Hudson Bay Capital Management, said that he would continue to support central bank independence and make decisions based on the economic data.

“Independence of monetary policy is a critical element for its success,” he told lawmakers in his opening remarks.

Critics, meanwhile, have noted that Miran has not resigned from the White House. He told committee members that he will take an unpaid leave of absence from the administration.

“We requested in writing that legal opinion, and he’s refused to give it to us. So, we are still completely uncertain about his legal status and his independence,” Reed said.

Trump and senior administration officials, including Miran, have urged the U.S. central bank to lower interest rates.

The Fed has left interest rates unchanged since January, allowing officials to assess whether the president’s tariffs are impacting inflation.

Fed policymakers had said that because the economy was still expanding and the labor market remained solid, they had the luxury to take a wait-and-see approach to interest rates.

Last month, Fed Chair Jerome Powell stated that the administration’s policies were being reflected in the economic data. However, the latest figures suggest the tariff-related inflation has been mixed.

Recent employment data suggest that the Federal Reserve may have waited too long.

The Fed will convene its two-day policy meeting on Sept. 16.

Personnel Changes

Now that Miran has been confirmed to a seat at the central bank, the next personnel decision will be Fed Governor Lisa Cook.

The administration appealed the decision at the U.S. Court of Appeals for the District of Columbia.

Its attorneys say Cook’s legal arguments for why she should remain in her position were meritless.

“And that requires respecting the president’s statutory authority to remove governors ‘for cause’ when such cause arises.”

Trump attempted to terminate Cook due to allegations of mortgage fraud.

Bill Pulte, Director of the Federal Housing Finance Agency (FHFA), claimed in a criminal referral letter to the Department of Justice that she falsely designated a property in Atlanta, Georgia, and an Ann Arbor, Michigan, home each as her “primary residence.”

Cook’s attorneys have said the president may only remove Fed governors for cause, which typically refers to poor job performance or misconduct in office. Cook has denied wrongdoing with the allegations against her.

Her attorneys also said Cook should have been provided an opportunity to respond to the allegations before being terminated.

Matthew Vadum contributed to this report.