Senate Committee Pushes Through Trump Loyalist Stephen Miran's Nomination to Federal Reserve Board
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The Senate Banking Committee, divided along partisan lines, has advanced Stephen Miran—a staunch Trump economic adviser—to the Federal Reserve Board, raising alarm among Democrats over threats to the Fed's independence.
In a move emblematic of partisan power plays, the Senate Banking Committee voted strictly along party lines on Wednesday to force through the nomination of Stephen Miran, President Donald Trump's chief economic adviser, to the Federal Reserve Board of Governors. The narrow 13-11 vote, reflecting the deep polarization in Congress, now sends Miran's nomination to the full Senate, where further resistance from Democrats is expected.
Miran, currently chair of the Council of Economic Advisers, has only offered to take an unpaid leave of absence from his influential White House post if confirmed—an inadequate gesture, according to Democratic lawmakers who have voiced grave concerns about conflicts of interest and the erosion of the Federal Reserve’s independence. They have demanded Miran's full resignation from the council, warning that anything less undermines the central bank’s ability to act free from political interference.
During his confirmation hearing, Miran paid lip service to the Federal Reserve’s dual mandate of price stability and maximum employment, claiming, "Independence of monetary policy is a critical element for its success." Yet, his close ties to Trump and the administration’s repeated attacks on the Fed cast serious doubt on his willingness or ability to defend the institution’s autonomy.
This nomination comes at a time when the Federal Reserve’s independence is under unprecedented assault, following President Trump’s recent attempts to oust Fed Governor Lisa Cook over dubious allegations. The move to install Miran is widely seen as part of a broader effort to bring the central bank under White House control.
Should Miran be confirmed, he would fill the seat vacated by Adriana Kugler, who resigned unexpectedly in August. His term would last until January 31, 2026, potentially cementing Trump’s influence over the Fed for years to come.