Fed nominee says he'll keep White House job

Federal Reserve board nominee Stephen Miran said he plans to keep his job at the White House if the Senate confirms him to the Federal Reserve board.

Miran, who serves as the chair of the White House Council of Economic Advisers, is nominated for a short-term seat on the Fed board that is set to end in January. He would fill the seat vacated by former Fed. Gov. Adriana Kugler in August.

"I have received advice from counsel that what is required is an unpaid leave of absence from the Council of Economic Advisors," Miran said during a confirmation hearing before the Senate Banking, Housing and Urban Affairs Committee. "And so, considering the term for which I’m being nominated is a little bit more than four months, that is what I will be taking.”

The comments come as President Donald Trump has sought more control of the Fed, which has traditionally served as an independent body.

Sen. Jack Reed called Miran's decision "absolutely ridiculous."

Miran later said he would only resign if he was later confirmed to a longer term.

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