Stephen Miran, President Donald Trump‘s nominee to be the next governor at the Federal Reserve, has been advanced out of committee and will now head toward a full Senate vote.
The Senate Banking Committee voted 13-11 on Wednesday to approve Miran’s nomination to the Fed board. If approved, Miran, 42, will succeed Fed governor Adriana Kugler, who unexpectedly stepped aside last month.
The vote was along party lines, with no Democrats voting to send him to the central bank.
Miran, who is chairman of the White House Council of Economic Advisers, would serve the remainder of Kugler’s term, which ends early next year.
But Democrats have raised concerns that Miran is a political pick and have said he would pursue Trump’s agenda at the central bank, especially by pushing to cut interest rates, as Trump has lobbied for in his second term.
The Fed is designed to be independent of the executive, and Miran vowed to continue that legacy if confirmed despite distrust from Democrats. He faced questions about how he would approach the role and the Fed’s independence more broadly during his confirmation hearing before the committee earlier this month.
“If confirmed, I plan to dutifully carry out my role pursuant to the mandates assigned by Congress,” Miran told lawmakers. “My opinions and decisions will be based on my analysis of the macro economy and what’s best for its long-term stewardship.”
Miran said central bank independence is of “paramount importance” for the economy, financial markets, and long-term stewardship of the country.
Yet Miran also told senators that he would not resign from his role at the CEA if he were confirmed to the Fed but would rather go on leave. Democrats argued that such an arrangement would mean that Miran would not be independent of the Trump administration. That setup could allow Miran to return to the CEA when the Fed term expires in early 2026.
FED’S INDEPENDENCE IN FOCUS WITH TRUMP INTERVENTIONS
Miran attended Boston University and graduated with a Ph.D. in economics from Harvard University. Prior to Trump’s second term, Miran worked briefly at the Treasury Department during the pandemic in 2020. He also worked as a senior strategist at global investment firm Hudson Bay Capital.
It is unclear when the full Senate will vote to confirm Miran, but Trump hopes to get Miran a seat on the Fed board before it holds its next vote on interest rates next Wednesday.
