Senate Committee Advances Stephen Miran's Nomination to Federal Reserve Board
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The Senate Banking Committee has approved Stephen Miran's nomination to the Federal Reserve Board, moving it to the full Senate for consideration.
The Senate Banking Committee voted along party lines on Wednesday to advance the nomination of Stephen Miran, President Donald Trump's chief economic adviser, to the Federal Reserve Board of Governors. The 13-11 vote sends Miran's nomination to the full Senate for consideration.
Miran, who currently serves as chair of the Council of Economic Advisers, has indicated plans to take an unpaid leave of absence from his White House role if confirmed. However, Democratic lawmakers have expressed concerns about potential conflicts of interest and have called for his resignation from the council to ensure the Fed's independence.
During his confirmation hearing, Miran emphasized his commitment to the Federal Reserve's dual mandate of price stability and maximum employment, stating, "Independence of monetary policy is a critical element for its success."
The nomination comes amid heightened scrutiny of the Federal Reserve's independence, following President Trump's recent attempts to dismiss Fed Governor Lisa Cook over disputed allegations.
If confirmed, Miran would fill the seat vacated by Adriana Kugler, who resigned unexpectedly in August. His term would run through January 31, 2026.