Senate Confirms Stephen Miran to Federal Reserve Board Ahead of Interest Rate Decision

The U.S. Senate confirmed Stephen Miran, President Donald Trump's top economic adviser, to the Federal Reserve's Board of Governors in a 48-47 vote along party lines. Senator Lisa Murkowski of Alaska was the only Republican to oppose the nomination.

Miran fills the vacancy left by Adriana Kugler's resignation in August. His confirmation comes just before a Federal Open Market Committee meeting, where officials will decide on potential interest rate cuts.

Maintaining his role as Chair of the White House's Council of Economic Advisers, Miran plans to take an unpaid leave of absence during his tenure at the Fed. This decision has raised concerns among Democrats about the Fed's independence.

During his confirmation hearing, Miran emphasized the importance of the Fed's autonomy, stating, "I intend to preserve that independence."

The confirmation is part of President Trump's broader efforts to influence the central bank's policies, including advocating for more aggressive interest rate cuts.

In a related development, a U.S. appeals court ruled that Fed Governor Lisa Cook can remain in her position amid ongoing legal proceedings, allowing her to participate in the upcoming interest rate meeting.