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lite.cnn.com - on gopher - inofficial
ARTICLE VIEW:
Trump pick Stephen Miran confirmed as Federal Reserve governor
By Bryan Mena, Morgan Rimmer, CNN
Updated:
9:00 PM EDT, Mon September 15, 2025
Source: CNN
Stephen Miran, one of President Donald Trump’s top economic advisers,
on Monday was confirmed by the Senate to serve on the Federal
Reserve’s powerful Board of Governors, hours before the Fed’s two
day monetary policy meeting begins.
The Senate voted 48-47 to confirm Miran. Sen. Lisa Murkowski of Alaska
was the only Republican to vote against Miran’s confirmation.
Once sworn in as a Fed governor, Miran will immediately be one of 12
officials voting on interest rate decisions. Miran was nominated to
fill the remaining time in former Fed Governor Adriana Kugler’s term,
which was set to expire in January 2026. Miran has said he will not
resign from his influential post at the White House while he serves on
the Fed’s board, instead taking unpaid leave.
The Fed, by law and tradition, has remained independent and
nonpartisan. Now for the first time in its 111-year history, a member
of the Fed’s Board of Governors is also technically an employee of
the president. During his Senate confirmation hearing, Miran said he
was advised by an attorney that doing so is legal and that he plans to
carry out his duties as a Fed governor independently.
Miran’s confirmation comes at a pivotal moment for the Fed.
The US labor market is weakening as Trump’s widespread tariffs start
to push up some prices, simultaneously threatening both sides of the
Fed’s dual mandate — stable prices and full employment.
Meanwhile, the Trump administration has carried out an unprecedented
pressure campaign against the Fed, blasting the central bank for not
lowering interest rates. The effort has involved personal insults
lobbed at Fed Chair Jerome Powell and the attempted firing of Fed
Governor Lisa Cook, the first time a president has ever acted to remove
a top policymaker at the central bank. ( rejected, for now, Trump’s
attempt to terminate Cook.)
Miran’s confirmation represents a major milestone in Trump’s
ongoing bid to bend the historically independent Fed to his will.
Miran told senators during his confirmation hearing he believes the
Fed’s independence “is critical to the well functioning of the
economy and financial markets.” He added that he will abide by ethics
rules and federal law as a Fed governor.
Democrats remain skeptical of Miran’s transition from chair of the
Council of Economic Advisers to Fed governor.
During his hearing before the Senate Banking Committee, Democrats
questioned Miran’s ability to distance himself from Trump, raising
concerns over his plans to take a leave of absence while serving at the
Fed. There was no Republican opposition to his nomination during the
hearing.
Some Democrats characterized Miran’s nomination as ironic, pointing
to a Manhattan Institute paper he co-authored last year criticizing the
revolving door of leaders between the White House and the Fed.
In response, Miran said his paper simply laid out proposals to reform
the Fed and that “it’s important that we have democratic
oversight.”
“I’m very independently minded, as shown by my willingness to stray
from consensus and have out-of-consensus views, and I believe that I
will continue to be as independent in my thinking process, if
confirmed,” Miran said during the hearing.
This story has been updated with additional context.
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