Senate Panel Advances Trump Fed Nominee Stephen Miran/ Newslooks/ WASHINGTON/ J. Mansour/ Morning Edition/ A Senate committee advanced Stephen Miran, President Trump’s nominee to the Federal Reserve Board of Governors, in a 13-11 party-line vote. Democrats voiced concerns about threats to Fed independence after Miran said he may retain his White House role. If confirmed by the full Senate, he would join two other Trump appointees before next week’s key Fed interest rate meeting.
Federal Reserve Nominee — Quick Looks
- Nominee: Stephen Miran, White House economic adviser
- Position: Filling seat vacated by Adriana Kugler (resigned Aug. 1)
- Committee Vote: Approved 13-11, all Democrats opposed
- Term: Kugler’s seat expires in January 2026
- Timeline: May be confirmed before next week’s Fed rate meeting
- Controversy: Plans to keep White House job while on Fed board
- Independence concerns: Democrats warn of erosion of Fed neutrality
- Court ruling: Comes a day after Trump blocked from firing Fed Governor Lisa Cook
- Trump’s influence: Would give him three appointees on seven-member Fed board
Deep Look: Senate Committee Backs Trump’s Fed Nominee Stephen Miran Amid Independence Debate
WASHINGTON — The Senate Banking Committee on Wednesday advanced the nomination of Stephen Miran, a senior White House economic adviser, to the Federal Reserve Board of Governors, moving President Donald Trump closer to strengthening his influence over the central bank.
The 13-11 vote, divided strictly along party lines, highlighted deep partisan rifts about the Fed’s role and its independence. All Democrats opposed Miran’s nomination, citing concerns that his dual roles in the White House and at the Fed could politicize monetary policy decisions.
Background on the Nomination
Miran was tapped by Trump to replace Adriana Kugler, who resigned her Fed seat on Aug. 1. His approval would make him the third Trump appointee on the seven-member Fed board, joining a governing body already under unusual scrutiny for its independence.
If the full Senate confirms Miran swiftly, he could be seated in time for the Fed’s Sept. 16–17 meeting, when policymakers are widely expected to cut short-term interest rates for the first time in 2025.
Democrats Warn of Political Interference
Democratic senators framed Miran’s nomination as part of a broader Trump strategy to weaken independent institutions.
“The Federal Reserve was designed to make decisions free from political interference, guided by data and long-term stability of our economy — not the political agenda of any one president,” said Sen. Mark Warner (D-Va.) before the vote.
“Donald Trump has made clear he wants to tear down that independence, just as he has with so many of the institutions that have kept our democracy and our economy strong.”
Their chief objection centers on Miran’s plan to retain his post as head of the White House Council of Economic Advisers while serving on the Fed board.
While presidents have previously nominated close advisers to the Fed, nominees historically resigned from White House roles to ensure the Fed’s decision-making remained impartial.
Miran Defends His Position
Miran argued during his confirmation hearing that his dual role would not compromise his independence, and that he would step down from the White House if nominated for a longer-term Fed position beyond Kugler’s expiring term.
Yet he also suggested that if no replacement is named in January, he might continue serving at the Fed while still holding his White House role — a scenario that has fueled Democratic alarm.
“I do not believe my current position would impair my judgment at the Fed,” Miran told senators, adding that his economic philosophy is rooted in “data-driven analysis.”
Timing and Trump’s Influence
The vote comes just one day after a federal court blocked Trump’s attempt to fire Fed Governor Lisa Cook, who he accused of mortgage fraud. Cook remains on the board under an injunction, though the case is ongoing.
If Miran is confirmed, Trump would gain another ally on the Fed board at a time when he has openly pressured the central bank to cut interest rates faster and deeper. Trump has been highly critical of Fed Chair Jerome Powell, calling him a “disaster” and accusing him of being slow to act.
A confirmed Miran could bolster Trump’s influence over the direction of monetary policy, particularly as the administration leans on the Fed to stimulate growth amid tariffs and slowing job numbers.
What Happens Next
Miran’s nomination now heads to the full Senate, where Republicans hold a narrow majority and are expected to secure his confirmation. The White House has requested expedited action to ensure Miran can participate in the Fed’s September meeting.
If seated, Miran would complete Kugler’s term expiring in January 2026. However, under Fed rules, he could continue serving until a replacement is confirmed — potentially extending his tenure well into Trump’s presidency.
For Democrats, this arrangement risks entrenching Trump’s influence over one of Washington’s most powerful economic institutions.
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