The U.S. Senate has narrowly confirmed Stephen Miran, a senior economic adviser to former President Donald Trump, to join the Board of Governors of the Federal Reserve. The vote, which passed 48-47 along party lines, comes just ahead of a crucial Fed meeting where policymakers are set to debate potential interest rate cuts.
Miran takes over the seat vacated by Adriana Kugler, who stepped down in August. While stepping into this role, Miran will take unpaid leave from his current position as Chair of the White House Council of Economic Advisers but will continue to hold the title.
The appointment has fueled controversy, with Democrats warning that Miran’s ongoing ties to the executive branch could weaken the Federal Reserve’s independence. They argue that even an unpaid leave of absence raises concerns about impartiality. Republicans, however, defended his confirmation, pointing to his strong background and insisting that he will make decisions based on economic realities rather than politics.
The timing adds to the significance of the confirmation. The Fed begins its two-day policy meeting within days of the Senate vote, and all eyes are on whether it will move forward with a rate cut as economic risks, inflation concerns, and a cooling labor market remain in the spotlight.
