Senate Approves Miran to Fed Board as Key Interest Rate Decision Approaches

Tue Oct 21 2025 13:16:27 GMT+0300 (Eastern European Summer Time)

The US Senate has confirmed Stephen Miran, President Trump's pick, to the Federal Reserve board, marking a significant shift in its independence amid ongoing interest rate discussions.

In a narrow vote of 48-47, the US Senate has confirmed Stephen Miran, the chair of the Council of Economic Advisers, to the Federal Reserve's board of governors. This appointment is notable, as Miran is the first sitting White House official to join the Fed board since the 1930s. His confirmation has raised concerns regarding the central bank's independence at a time when the Fed is expected to deliberate a quarter-percentage point interest rate cut to support a declining labor market. The ongoing political tension surrounding the Fed has intensified with Trump's push for rate cuts and attempts to remove Fed governor Lisa Cook.

The US Senate has cleared President Donald Trump's pick Stephen Miran to join the Federal Reserve's board of governors - part of a panel responsible for setting the country's interest rates.

Miran, who is chair of the Council of Economic Advisers, will be the first sitting White House official to join the Fed's board since its creation in its current form in the 1930s.

He was narrowly confirmed on Monday with a vote of 48-47. The economist's entry has raised concerns over the central bank's longstanding independence and follows Trump's bid to reshape the Federal Reserve.

Miran is expected to take part in a key Fed policy meeting this week as one of 12 voting members, playing a central role in Trump's bid for a large interest rate cut. The Fed is expected to approve a quarter-percentage point rate cut to support a weakening labour market.

Miran supports Trump's global tariffs, arguing that they won't fuel inflation and that stricter immigration policies will reduce housing demand and lower prices.

The White House economist's fast-tracked confirmation vote proceeded in just a few weeks, a significant acceleration given that it typically takes months for a Fed governor nominee to be confirmed by the Senate.

Senator Elizabeth Warren raised concerns that Miran would be seen as a puppet who would not be trusted as an independent voice on the Fed board.

President Trump has exerted pressure on the Fed for months, urging interest rate cuts to stimulate the US economy and alleviate borrowing costs for the government. He has openly criticized Fed chair Jerome Powell, calling him a numbskull and too late in addressing rate adjustments.

Miran's confirmation vote occurs amid Trump's attempts to remove Fed governor Lisa Cook, citing allegations of mortgage fraud while Cook has denied these claims and has filed a lawsuit against her potential removal.

On Monday, a US appeals court denied the Justice Department's request to lift a ruling temporarily blocking Trump from removing Cook, who has held firm in maintaining the current interest rates.

In addition, the Trump administration is pursuing investigations into mortgage fraud against political opponents including Senator Adam Schiff and New York Attorney General Letitia James.